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Financial News: Eurozone Private Sector Growth At 75-Month Low

Eurozone Private Sector Growth At 75-Month Low

09/23/2019 - 04:33:00 (RTTNews)

(RTTNews) - The euro area private sector moved close to stalling at the end of the third quarter, survey data from IHS Markit showed Monday.

The flash composite output index fell unexpectedly to a 75-month low of 50.4 in September from 51.9 in August.

A score above 50 indicates expansion in the sector. Economists had forecast the score to rise slightly to 52.0. The reading signaled the weakest growth across manufacturing and services since June 2013.

The Purchasing Managers' Index for services slid to 52.0 from 53.5 in August. The expected reading was 53.0.

The manufacturing PMI declined further, to 45.6 from 47.0 in August. The score was forecast to rise to 47.5.

The survey data indicate that GDP looks set to rise by just 0.1 percent in the third quarter, with momentum weakening as the quarter closed, Chris Williamson, chief business economist at IHS Markit said.

By country, Germany saw output fall for the first time since April 2013, the rate of decline hitting the steepest since October 2012.

Germany's flash composite PMI declined to 49.1 from 51.7 in August. The services PMI came in at a 9-month low of 52.5 versus 54.8 a month ago. The factory PMI plunged to a 123-month low of 41.4 compared to 43.5 in August.

At the same time, growth of both output and new orders slowed to four-month lows in France. The composite output index slid to 51.3 from 52.9 in the previous month.

The services PMI dropped to 51.6 from 53.4 a month ago. Likewise, the manufacturing PMI came in at 50.3 compared to 51.1 in August.

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