Eurozone Business Activity Falls Below Forecast
The composite PMI business activity index for industry and services in 19 eurozone countries fell to 56.1 points in September from 59 points in August, according to research organisation Markit Economics.
The organisation points out that the September value of the index was the lowest in five months. Analysts polled by DailyFX expected the index to fall to 58.5 points.
The euro area manufacturing PMI, according to a preliminary estimate, fell to a seven-month low of 58.7 points in September from 61.4 points in August. Analysts had expected a drop to only 60.3 points. Business activity index in the service sector in the euro area, according to preliminary estimates, declined to 56.1 points from 59 points in August. Analysts had expected the value of 58.5 points.
The composite index of business activity in industry and services of the largest economy in Europe, Germany, according to preliminary estimate, decreased to a seven-month low of 55.3 points from the August level of 60 points. The forecast was 59.2 points. Germany’s services PMI fell to 56 points from 60.8 points in August. Analysts had expected a decline to 60.2 points. The manufacturing PMI fell to an eight-month low of 58.5 points from August’s mark of 62.6 points. The forecast was 61.5 points.
The composite index of business activity in France, according to a preliminary estimate, declined in September to a five-month low of 55.1 points from the August level of 55.9 points. Analysts had expected a decrease only to 55.8 points. The country’s services PMI fell to 56 points from 56.3 points a month earlier. The figure was in line with the forecast. France’s manufacturing PMI fell to an eight-month low of 55.2 points from 57.5 points in August. The forecast was 57 points.