US EditionEuro zone economy grows at fastest pace in more than two years, PMI shows
The euro zone's composite Purchasing Managers' Index rose to 52.5 in October, marking the fastest expansion in 29 months led by strong growth in services and hiring.
- This year the euro zone economy expanded at its fastest pace since May 2023 as HCOB euro zone Composite Purchasing Managers' Index climbed to 52.5, its highest in 29 months.
- Service firms lifted activity, as new business volumes surged at the steepest pace in two and a half years while overall employment growth reached a 16-month high.
- Spain posted the strongest composite reading at 56, its best in 10 months, with Italy and Ireland expanding at 53.1 and 53.7 respectively, while France slipped to an eight-month low amid political tensions.
- The ECB left rates unchanged at 2% last week, saying policy was in a `good place` as PMI figures show no broader inflationary pressure.
- Keeping up this relatively strong growth momentum over the coming months won’t be easy, analysts warned, noting France needs political stability and the 2026 budget while Germany’s outlook depends on its government stimulus package.
10 Articles
10 Articles
Euro zone economy grows at fastest pace in more than two years, PMI shows
The euro zone economy expanded at its fastest rate since May 2023 in October, breaking out of the subdued growth pattern seen earlier this year as service sector activity accelerated and demand conditions improved, a survey showed.
New orders rose at the fastest pace in two and a half years, driven solely by the services sector
The Purchasing Managers Index (Purchasing Index) of the euro area, the Hamburg Commercial Bank (HCOB) and the S&P Global, published today, went up to 52.5 points in October, more 1.3 points than in September and the highest in 29 months. In a published report, HCOB and S&P Global highlighted that in October the largest increase in the euro area's demand for goods and services in two and a half years, as new businesses increased at the fastest ra…
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