October 03, 2024 08:39 GMT
EUROZONE DATA: September Services/Composite PMI Revised Higher
EUROZONE DATA
The French September final services PMI saw a 1.3 point upward revision 49.6 (vs 48.3 flash). Taken alongside a stronger-than-expected Spanish reading, the Eurozone-wide services PMI was 51.4 (vs 50.5 flash).
The composite PMI was confirmed to be sub-50 for the first time since February this year, though the 49.6 print exceeded the 48.9 flash. The release notes that “the currency bloc’s big-three nations – Germany, France and Italy – recorded contractions simultaneously for the first time in 2024”.
Other notes from the Eurozone-wide release:
- “Lower employment levels were entirely a reflection of the manufacturing economy as factory lay-offs were sufficiently strong to more than offset modest job creation within the service sector”.
- “Overall, the rate of input cost inflation was the second-slowest November 2020”.
- “The extent to which euro area companies raised their own prices also eased at the end of the third quarter. Overall output charges increased only modestly and to the weakest extent in just over three-and-a-half years”.
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