September 23, 2024 08:10 GMT
EUROZONE DATA: Composite PMI Re-enters Contractionary Territory In Sep Flash
EUROZONE DATA
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The Eurozone September flash PMI was unsurprisingly weaker than consensus for both services and manufacturing following this morning’s German/French data. The September composite PMI was 48.9 (vs 50.5 cons, 51.0 prior), its first month in contractionary territory since February this year.
Although output rose in the Eurozone excluding Germany and France, the expansion was weak, suggesting conditions are subdued across the region. Further details will be available in the Spanish and Italian PMIs next week.
Focusing on “ex-Germany and France” comments in the release:
- “The rest of the euro area saw output rise again at the end of the third quarter, although the pace of expansion was only modest and the softest since January”.
- “Reductions in manufacturing output were particularly marked in Germany and France, but the rest of the eurozone also posted a fall”.
- “The eurozone service sector managed to eke out some growth in activity”… “A renewed decline in France contrasted with continued services growth in Germany and the rest of the euro area”.
- “Sentiment ticked slightly higher in both France and the rest of the eurozone”.
- “Slower increases in output prices were seen in Germany and the rest of the eurozone, while charges in France decreased for the first time since February 2021”.
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