Eurozone PMI Services was finalized at 48.0 in September, down from August’s 50.5. PMI Composite was finalized at 50.4, down from August’s 51.9. Looking at some member states, Germany PMI Composite hit 2-month high at 54.7 (revised up from 53.7). Italy was at 50.4. But France dropped to 4-month-low at 48.5, Ireland to 3-month low at 46.9, Spain to 3-month low at 44.3.
Chris Williamson, Chief Business Economist at IHS Markit said: “With the eurozone economy having almost stalled in September, the chances of a renewed downturn in the fourth quarter have clearly risen. Spain has been especially hard-hit as rising Covid- 19 case numbers led to further disruptions to daily life… renewed service sector downturns were also recorded in France and Ireland, while a nearstalling was recorded in Germany… Much will depend on whether second waves of virus infections can be controlled, and whether social distancing restrictions can therefore be loosened to allow service sector activity to pick up again.”
