Eurozone PMI


Eurozone: Disappointing PMI signals “ongoing malaise” in the Euro area economy

September 23, 2014

The flash estimate of the Markit Eurozone PMI Composite Output Index came in at 52.3 in September. The result was down from both the revised 52.5 recorded in August (previously reported: 52.8) and the 52.5 that market analysts expected. The composite PMI—the result of a survey of over 5,000 manufacturing and services businesses—dropped for a second consecutive month and settled at the lowest level since December 2013. On a positive note, the index has been above the 50-threshold that signals a stable economic outlook for the past 15 months.

September’s moderation was underpinned by declines in both the manufacturing and in the services sectors. In particular, the index for manufacturing moderated to the lowest level in 14 months. According to Markit, “[t]he survey paints a picture of ongoing malaise in the Eurozone economy […]. The survey data suggest GDP is on course to grow by 0.3% at best in the third quarter.”

At a country level, Germany’s composite PMI picked up in September and reached 54.0, which was a slight improvement over the 53.7 recorded in August. The result marked the seventeenth consecutive month in which PMI was in expansionary territory. France’s composite PMI ticked down from 49.5 in August to 49.1 in September, marking the fifth consecutive reading below 50. Meanwhile, the composite PMI for all the other countries in the region slowed to the lowest level in six months.

FocusEconomics Consensus Forecast panelists expect the economy to expand 0.9% in 2014, which is unchanged from last month’s forecast. For 2015, panelists expect the economy to expand 1.4%.

Author:, Head of Data Solutions

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Eurozone PMI Chart

Euro PMI September 2014 0

Note: Markit Purchasing Managers’ Index (PMI) Composite Output. A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction
Source: Eurostat

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