Eurozone PMI Manufacturing rose to 55.5 in December, up from 53.8, above expectation of 53.0, a 55-month high. PMI Services rose to 47.3, up from 41.7, well above expectation of 40.9. PMI Composite also rose to 49.8, up from 45.3.
Chris Williamson, Chief Business Economist at IHS Markit said: “The data hint at the economy close to stabilising after having plunged back into a severe decline in November amid renewed COVID- 19 lockdown measures. The fourth quarter downturn consequently looks far less steep than the hit from the pandemic seen earlier in the year, though the picture is very mixed by sector. Companies have also become increasingly optimistic about the year ahead, with vaccine rollouts expected to help restore businesses to more normal trading conditions as 2021 progresses.”
UK PMI manufacturing rose to 55.9, services rose to 49.9
UK PMI Manufacturing rose to 57.3, up from 55.6, above expectation of 55.9, 37-month high. PMI Services rose to 49.9, up from 47.6, below expectation of 50.5. PMI Composite rose to 50.7, up from 49.0.
Chris Williamson, Chief Business Economist at IHS Markit, said: “The UK economy returned to growth in December after the lockdown-driven downturn seen in November, adding to signs that the hit to the economy from the second wave of virus infections has so far been far less harsh than the first wave in the spring…. Business optimism about the year ahead also remained buoyant, reflecting the light at the end of the tunnel created by the roll-out of the COVID-19 vaccines. Optimism waned slightly compared to November, however, largely due to rising concerns over a no-deal Brexit.”
Full release here.