As experts in the stock market and trading, Extreme Investor Network brings you the latest news and analysis on the current state of the economy. Today, we’re looking at the recent data on the eurozone’s Composite PMI, which has fallen below expectations.
According to HCOB’s preliminary composite eurozone PMI, compiled by S&P Global, the index dropped to 48.9 in September from 51.0 in August. This unexpected contraction signals weaker demand across the eurozone, with new orders falling at the fastest rate in eight months. Economists had anticipated a smaller dip to 50.5, according to a Reuters poll.
The services sector, which had been more resilient than manufacturing, also showed signs of strain as the services PMI declined to 50.5 from 52.9, indicating a slowdown in the bloc’s largest sector. While inflationary pressures in services have eased, this has not been enough to offset the broader economic downturn.
Manufacturing in the eurozone continues to struggle, with the PMI for the sector dropping to 44.8 from 45.8. Business optimism within manufacturing hit an 11-month low, reflecting low expectations for a recovery in the near term.
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