Eurozone PMI manufacturing dropped from 49.6 to 48.5 in September, a 27-month low. PMI services dropped form 49.8 to 48.9, a 19-month low. PMI composite dropped from 48.9 to 48.2, a 20-month low.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “A eurozone recession is on the cards as companies report worsening business conditions and intensifying price pressures linked to soaring energy costs.
“The early PMI readings indicate an economic contraction of 0.1% in the third quarter, with the rate of decline having accelerated through the three months to September to signal the worst economic performance since 2013, excluding pandemic lockdown months.”