Eurozone PMI at its lowest level in three years: signs of recession increase
The main composite Purchasing Managers’ Index (PMI), which is considered an indicator of the state of the euro zone economy and assesses the manufacturing and services sectors together, declined in October due to falling demand.
The composite PMI fell to 46.5 in October, below expectations and hitting the lowest level since November 2020. Economists participating in the Reuters poll had predicted the composite PMI would be at 47.4.
IN THE CONTRACTION ZONE
The index’s decline reinforced concerns that the eurozone could fall into recession. Last month, the final figure was announced at 47.2. Below 50 points on the index indicates a contraction.
The services sector subindex was announced at 47.8 in October, below expectations of 48.7. The Manufacturing PMI was announced at 43 in October, below expectations of 43.7. (REUTERS)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
