“The Euro area composite PMI remained broadly stable in September at 51.2, from 51 in August. However, the manufacturing index fell unexpectedly to 49.5, down from 50.7. In contrast, the services PMI rebounded to 51.4 after declining to 50.5 in August. The September PMI survey presented a mixed picture once again. On one hand, the manufacturing index experienced a significant decline of -1.2 points, primarily driven by the output component. More concerning is the decrease in the new orders component, which fell by -2.2 points. This suggests that activity in the manufacturing sector may remain sluggish in the coming months. Unsurprisingly, the employment component has declined to 48.2, down from 49.4.”
Morten W. Langer
