Eurozone September Private Sector PMI Strengthens to Highest Since Early 2023

【Eurozone September Private Sector PMI Strengthens to Highest Since Early 2023】

⑴S&P Global data shows the Eurozone September composite PMI initial reading rose to 53.1, expanding for the third consecutive month, with both services and manufacturing accelerating, corresponding to a quarterly GDP growth rate of approximately 0.4%.

⑵By sub-index, the services PMI rose to 53.0, hitting a 10-month high; the manufacturing PMI held at 52.7, with new orders growth reaching the highest level since May 2022.

⑶Inflationary pressures intensified again in September, with input and output price increases hitting a four-month high, and the market sees a possibility of a European Central Bank rate hike in October.

⑷The French private sector returned to expansion, with the composite PMI at 51.2, a new high in over two years; the German composite PMI rose to 53.8, the strongest level in 11 months.

⑸New orders continued to recover, but the pace of employment expansion remained weak, and business confidence in the economic outlook one year ahead dipped slightly.