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Eurozone PMIs slump, Germany recovers

EUROZONE
MNI (London)
  • Spanish services dipped 9.2 points to the lowest reading since February 2021, with both services and composite PMIs fallen five points below forecasts. Spain's services and composite PMIs fell below the breakeven point to 46.6 and 48.5 respectively, implying a contraction for both.
  • Italy PMIs dipped about 2.5 points lower than forecasts.
  • France confirmed flash estimates, which saw both services and composite readings weaken by a few points.
  • Germany confirmed the services flash number, which saw a rebound of 3.5 points, whilst the composite softened 0.5 points from the flash estimate.
  • The Eurozone aggregate readings were 0.1 points softer and moderated by 1-2 points on the December prints.
  • Chief economist at IHS Chris Williamson stated: “Businesses are reporting subdued demand and ongoing constraints in terms of both labour shortages and raw material supply issues resulting from the pandemic."
  • “The slowdown coincides with virus-fighting containment measures having been tightened to the highest since last May across the eurozone amid the surge in COVID-19 cases linked to Omicron."
  • “Having been hit to a greater extent by Omicron late last year, service sector activity is already picking up again in Germany and manufacturing output is surging higher."
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