Eurozone PMI Comes In At 9-Month Low

Eurozone PMI Composite Output Index fell to 52.3 in September, according to Markit. This reading, which represents business activity, is the lowest since December of last year.

In August, the number came in at 52.5.

According to the report: “Euro area business activity grew in September at the lowest rate seen so far this year, according to the preliminary ‘flash’ PMI survey data.”

Service sector PMI declined to 52.8 in September from 53.1 the previous month. Manufacturing activity came in at 50.5, below the 50.7 reading in August.

Anything above 50 represents growth. While the September number represents a growth increase for the 15th month straight, it is the weakest rate this year, Markit noted.

Markit’s Chief Economist Chris Williamson said: “The survey paints a picture of ongoing malaise in the eurozone economy. With growth of output and demand slowing, employment once again failed to show any meaningful increase. Such torpor meant prices continued to fall as firms fought for customers, which will inevitably heighten concerns that the region is facing deflation.”

“This survey does nothing to alter the picture of a struggling Eurozone economy,” Jennifer McKeown at Capital Economics added in a research note.

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