S&P Global: Banks lead eurozone sector growth in August

European banks topped sector growth rankings in August, posting their fastest expansion since June 2024, according to S&P Global’s Europe Sector PMI data on Wednesday.

Output rose in 10 of 19 monitored sectors, matching July’s tally, with gains seen in beverages and food as well as construction materials. Technology sectors also supported growth, while media activity fell sharply, marking its steepest decline since 2017.

New orders improved across eight sectors, up from four in July, led by tourism, machinery and software. Input costs increased in all sectors except chemicals, with healthcare and real estate facing the steepest rises.

Despite stronger demand, most sectors shed jobs in August, with technology equipment and food and beverages posting the heaviest cuts, while other financials saw the quickest hiring pace.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser