Eurozone PMI Services was finalized at 46.2 in October, down from September’s 48.0. PMI Composite dropped to 50.0, down from last month’s 50.4. Germany PMI Composite hit a 3-month high at 55.0. But Italy (49.2), Ireland (49.0), France (47.5) and Spain (44.1) were in contraction.
Chris Williamson, Chief Business Economist at IHS Markit said: “With lockdown measures being tightened, it is becoming increasingly hard to see how the eurozone economy will avoid falling back into decline, especially as some countries, including France, Italy and Spain, are already contracting again. Only in Germany has the strength of the manufacturing sector countered the renewed downturn in service sector activity, leading to increasingly polarised economic trends among the euro area’s member states. However, for all countries the outlook has grown increasingly dark.”
