It’s PMI day, and we’re getting the first business surveys for the month of September, indicating how economies around the world are doing.
In Europe, we’ve got France, Germany and the whole of the eurozone — we have to wait until the second reading to get a more detailed breakdown. Remember, any figure above 50 signals growth for a sector, and any figure below means a contraction.
Here’s what we’ve got so far:
- France: Services at 51.2, manufacturing at 50.4. That means a composite reading of 51.4, and the best manufacturing result since June.
- Germany: Out at 8:30 a.m. UK time (3:30 a.m. ET)
- Whole eurozone: Out at 9 a.m. UK time (4 a.m. ET)
Here’s what Jack Kennedy, Markit senior economist, said about the French reading:
The French private sector eked out another month of modest growth in September, with manufacturing making a meaningful contribution to expansion for the first time in well over a year. However, there was less positive news on the employment front, with jobs being shed at the sharpest rate since November 2014. A marked drop in service providers’ business confidence further suggests that the general sluggishness in the economy is set to persist in the foreseeable future
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