“The eurozone composite PMI dropped to 50.4 in September, down from 51.9 in August,” note ABN AMRO analysts.
Key quotes
“The indicator has fallen to its lowest level since July 2013, as the weakness that started in the manufacturing sector and trade is spreading to domestic demand and services.”
“The eurozone services PMI declined sharply in September (to 52.0 from 53.5 in August). What is more, the recession in manufacturing deepened further, pointing to further headwinds ahead for the overall economy. Indeed, the forward looking components of the manufacturing PMI plummeted, with the new orders component falling to its lowest level since mid-2012 in September (to 43.2 from 45.9 in August).”
“Evidence for the weakness spreading to domestic demand was also given by a further decline in the employment component of the composite PMI, which fell to levels in line with stagnating employment and modestly rising unemployment.”
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