Euro zone growth slows to 4-month low amid rising costs and French turmoil, PMI shows
The S&P Global Composite PMI fell to 51.9, its lowest since June, as France’s contraction and higher energy costs weakened demand.
- Growth across the euro zone's private sector slowed to its weakest pace in four months in October, with the Global Flash Eurozone Composite PMI Output Index falling to 51.9 from September's 53.1.
- France faces renewed contraction amid political and financial pressures, with government borrowing costs jumping in recent weeks and street protests raising political temperature ahead of a spring presidential election.
- Manufacturing output dropped to 52.4 from 53.6, while Services PMI fell to a two-month low of 51.7 from 53.0; Hiring came close to a standstill with employment barely rising.
- "Input costs are rising sharply again," said Chris Williamson, chief business economist at S&P Global Market Intelligence, noting firms are pushing selling prices higher to protect margins amid energy-driven inflation.
- The European Central Bank will hold its deposit rate at 2.50% next week despite inflation running nearly double its 2% target, fueling speculation of more aggressive ECB policy tightening in December.
15 Articles
15 Articles
LONDON (ANP/RTR/AFP) - Economic activity in the eurozone weakened more sharply than expected in October. According to market research firm S&P Global, this is due to rising corporate costs caused by higher energy prices resulting from the ongoing war in the Middle East. A re...
The economic activity of the euro area continued to grow in October, but at a slower pace than in September. The previous index of purchasing managers (PMI) Composite declined from 53.1 to 51.9, reaching the lowest level in four months, although it remains above the mark of 50 points, indicating expansion of the activity. The PMI of Services also slowed down, from 53.0 to 51.7, while the Industrial PMI fell from 52.9 to 52.4, recording a minimum…
Euro zone growth slows to 4-month low amid French turmoil
Growth across the euro zone's private sector slowed to its weakest pace in four months in October, driven by an energy-driven rise in costs and a renewed contraction in France amid political and financial pressures, a survey showed today.
Euro zone growth slows to 4-month low amid rising costs and French turmoil, PMI shows
Growth across the euro zone's private sector slowed to its weakest pace in four months in October, driven by an energy-driven rise in costs and a renewed contraction in France amid political and financial pressures, a survey showed.
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