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August marks strong month for consumer and finance sectors in Europe

Staff Writer |
Consumer- and finance-related sectors helped to drive economic growth across Europe during August.

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This was signalled by latest EU Sector PMI® data from Markit, which pointed to solid output growth in consumer goods, financials and consumer services. In contrast, healthcare and basic materials signalled lower activity, while modest rises were seen in technology and industrials.

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.

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