Fri, Dec 09, 2022 @ 06:18 GMT
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Eurozone PMI composite finalized at 20-mth low, hopes of avoiding recession further dashed

Eurozone PMI Services was finalized at 48.8 in September, down from August’s 49.8, a 19-month low. PMI Composite was finalized at 48.1, down from prior month’s 48.9, a 20-month low.

Looking at some member state, Ireland PMI Composite rose to 52.2 while France rose to 51.2. But Spain dropped to 48.4 (8-month low). Italy dropped to 47.6 (20-month low). Germany dropped to 45.7 (28-month low).

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “Any hopes of the eurozone avoiding recession are further dashed by the steepening drop in business activity signalled by the PMI. Not only is the survey pointing to a worsening economic downturn, but the inflation picture has also deteriorated, meaning policymakers face an increasing risk of a hard landing as they seek to rein in accelerating inflation.

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