Eurozone PMI Manufacturing rose to 53.7 in September, up from 51.7, and beat expectation of 51.9. That’s also the highest level in 25 months. However, PMI services dropped to 47.6, down from 50.5, back in contraction and missed expectation of 50.5. PMI Composite dropped to 50.1, down from 51.9.
Chris Williamson, Chief Business Economist at IHS Markit said: “The eurozone’s economic recovery stalled in September, as rising COVID-19 infections led to a renewed downturn of service sector activity across the region. A two-speed economy is evident… The main concern at present is therefore whether the weakness of the September data will intensify into the fourth quarter, and result in a slide back into recession after a frustratingly brief rebound in the third quarter.”
