Manufacturing PMI climbed to 51.9, but declining export orders and shrinking workforces tell a more complicated story for the bloc's industrial recovery. S&P Global’s Eurozone Manufacturing PMI came in at 51.9 for July, up from 51.4 in June, keeping the index comfortably above the 50.0 threshold that separates expansion from contraction. The manufacturing output sub-index told an even more bullish story, hitting 52.9 to 53.0, a level not seen since March 2022. New orders rose only marginally in July, while export orders actually declined. If eurozone exporters are struggling to find buyers abroad, that’s a data point about global demand, not just European demand.