Eurozone private sector growth cools in October as PMI slips
Eurozone private sector activity kept expanding in October, but the pace cooled. The Composite PMI fell by 1.4 points, now at 51.7—still a four-month high—as new orders nearly stalled. S&P Global's Chris Williamson calls the growth 'respectable though unexciting' at 0.3%.
The eurozone's private sector kept growing in October, but the steam ran out. S&P Global's final report on Wednesday showed the Composite PMI dropped by 1.4 points, now at 51.7. That's still a four-month high, yet it points to a slower expansion.
Services followed the same script. The Services PMI Business Activity Index declined by 1.6 points, now at 51.4, also a four-month high. Anything above 50 means the sector is still expanding, just not as fast.
New orders came close to stalling, according to the survey. At the same time, output price inflation 'remained historically high,' S&P Global noted. So demand is cooling while prices stay hot.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, put the numbers in perspective. He said the data show the eurozone economy growing at a 'respectable though unexciting' 0.3% rate to start the fourth quarter. That builds on a 'robust' third quarter, he added.
TopicsEurozone · S&P Global · Chris Williamson · Composite PMI · Services PMI
Source: breakingthenews.net
Written by Paparazzi with AI. Not financial advice.
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