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03.10.2024

Activity in the eurozone private sector fell to a 7-month low

The final data published by HCOB showed that activity in the eurozone private sector contracted in September, for the first time since February. Business confidence also weakened fractionally, taking it further beneath its long-run average.

The eurozone composite PMI output index, which assesses the change in activity in the manufacturing sector and the service sector, fell in September to 49.6 points from 51.0 points in August. Economists had expected a decline to 48.9 points. The index dropped below the 50 point mark, indicating a reduction in activity in the sector, for the first time in 7 months. The big-three economies of the currency bloc – Germany, France and Italy – all registered contractions in business activity during September. Meanwhile, the eurozone services PMI reached 51.4 (7-month low) compared to 52.9 in August and forecasts at 50.5.

The data also showed that new orders in the private sector declined again in September (for the 4th month in a row), while the rate of decline was the sharpest since January. Meanwhile, new export orders recorded the sharpest decline since December 2023. The backlog of work declined again (for the 18th month in a row), while the rate of decline was slightly faster than seen on average over this sequence. Employment in the private sector also declined in September. Although the rate of job shedding was marginal, it was the joint-fastest since December 2020. Business confidence continued to decline in September, indicating a deterioration in company sentiment for the fourth month in a row. Despite the continued optimism in general, expectations for business activity for the next 12 months was the lowest since the beginning of the year. The data also revealed a further marked easing of cost pressures across the eurozone.

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