Fra S&P Global- flash PMI for Eurozonen- læse hele meddelelsen her
Comment
Commenting on the flash PMI data, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said:
“The eurozone is heading towards stagnation. After the Olympic effect had temporarily boosted France, the eurozone
heavyweight economy, the Composite PMI fell in September to the largest extent in 15 months. The index has now dipped
below the expansionary threshold. Considering the rapid decline in new orders and the order backlog, it doesn’t take much
imagination to foresee a further weakening of the economy.
Manufacturing is getting messier by the month. The recession has now dragged on for 27 months and even worsened in
September. Looking ahead, the sharp drop in new orders and companies’ increasingly bleak outlook for future output
suggest that this dry spell is far from over.
The manufacturing labour market is feeling the heat. Employers are cutting jobs at the fastest pace since August 2020. At
the same time, employment growth in the services sector has slowed for the fourth consecutive month and is now nearly flat.
We expect the official employment figures in the eurozone, which have remained stable so far, to worsen in the coming
months, though demographic trends should provide more stability than in previous downturns.
With the ECB closely watching the persistently high inflation in services, the news that both input and output price inflation
has slowed down is certainly welcome. Add to that the deepening recession in manufacturing and the near-stagnation of the
services sector, and the possibility of another rate cut in October could very well be on the table, even though this is not the
expectation of the market yet.”
