Uddrag fra Flash PMI for Eurozonen – læse hele meddelelsen her
“The service sector of the eurozone is unfortunately showing signs of turning down to match the poor performance of
manufacturing. Indeed, service companies reported shrinking activity for the first time since the end of last year, while output
in manufacturing dropped again. Considering the PMI figures in our GDP nowcast leads us to the conclusion that the
eurozone will shrink by 0.2% in the third quarter.”
“ECB president Christine Lagarde sounded the alarm that the economy may be faced with higher wages and lower
productivity, leading to higher inflation. It seems like those worries are about to turn into reality, at least for the vast service
sector.
For, in this sector input prices and thus wages increased at an accelerated pace in August. Meanwhile, stagnating
employment combines with decreasing production and results therefore in lower output per head. As a result, the ECB may
be more reluctant to pause the hiking cycle in September.”
“Is a bottom in sight in the manufacturing sector? Perhaps, as the PMI headline index, though still in shrinking territory, has
increased somewhat. This happened on the back of a slightly better order situation as well as slower destocking.
The higher confidence that output will be higher one year from now fits into this narrative. A real turnaround may only happen in the first
quarter of next year, however, as the PMI starts from a rather low level.”
“The downward pressure on the economy of the eurozone in August stems mainly from the German service sector which
switched from growth to contraction at an unusual pace, while the French service providers reduced their activity at a similar
speed as the month before. In the manufacturing sector, Germany’s firms are reducing their output at a much faster pace
than the French ones. This will only fuel the discussion of Germany being the sick man of Europe
