Eurozone Composite PMI Hits 53.1 in September, a Three-and-a-Half-Year High
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The revised September reading of the Eurozone composite purchasing managers' index compiled by S&P Global came in at 53.1, up from 52.0 the previous month and the highest level since April 2023. Within the breakdown, the services PMI rose to 53.0 from 51.6 in August, marking a ten-month high. Chris Williamson, chief business economist at S&P Global Market Intelligence, noted that GDP is showing quarterly growth of 0.4 percent and that momentum is accelerating heading into the fourth quarter. By country, Spain performed best, followed by Ireland, while Germany's recovery gathered pace to rank among its highest levels since early 2022, and Italy and France posted modest growth. Meanwhile, both input prices and output prices rose at their fastest pace in four months, and Williamson said this suggests Eurozone inflation will run closer to 4 percent than the European Central Bank's 2 percent target.