Eurozone Private Sector Stagnates In September

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The euro area private sector stagnated in September as rebound faltered, flash survey data from IHS Markit showed Wednesday.

The composite output index declined to 50.1 in September from 51.9 in August. Economists had forecast the reading to drop to 51.7.

Having rebounded in July and August from Covid-19 lockdowns during the second quarter, the PMI has since indicated a near stalling of the economy as rising infection rates and ongoing social distancing measures curbed demand.

Manufacturing output growth accelerated in September to the fastest since February 2018, while services recorded the largest contraction of output since May.

At 53.7, the manufacturing Purchasing Managers’ Index hit a 25-month high. Economists had forecast the reading to rise to 51.9 from 51.7 in August.

The services Purchasing Managers’ Index dropped to a four-month low of 47.6, while the score was forecast to remain unchanged at 50.5 in August.

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