Euro area industrial activity ramps up in July even as demand conditions are still weak - PMI data

July final manufacturing PMI 51.9 vs 52.0 prelimPrior 51.4Euro area manufacturing activity recovers to a three-month high, largely underpinned by Germany. Overall demand conditions in the region remain fragile at best but at least there is slight evidence of a rise in new orders. That being said, supply chain pressures nevertheless remained intense, although they were the least pronounced in five months. These divergences underscore how large parts of the region continue to struggle amid weak demand, high prices and supply delays. "New work inflows therefore remain worryingly weak, meaning producers are having to rely on orders placed in prior months to drive the latest increase in production.