August marks strong month for consumer and finance sectors in EuropeStaff Writer | September 8, 2016
Consumer- and finance-related sectors helped to drive economic growth across Europe during August.
Europe Markit Europe Sector PMI
Other financials maintained its dominance atop the detailed sector rankings. It has been the fastestgrowing sector in three out of the past four months.
Automobiles & auto parts was close behind thanks to the sharpest output growth in five-and-half years. Banks, media, food and household & personal use products all saw growth accelerate. Food was also the biggest climber in terms of league position, rising ten places to fifth.
Real estate was the only consumer- or finance-related sector to underperform, as activity fell for the first time in over three years.
Meanwhile, healthcare was weighed down by the steepest downturn in pharmaceuticals & biotechnology since the 2009 financial crisis. Lower production at metals & mining firms was a key factor behind the fall in basic materials output.
Finally, technology, a key growth driver throughout most of the past three years, signalled the weakest increase in activity since mid-2013. Its constituent sectors, technology equipment and software & services, tumbled six and seven places respectively. ■