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Weak Eurozone Services PMIs

James Boston
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Subsequent to yesterday’s poor to medium manufacturing figures, Markit Economics have updated their September Purchasing Managers Indices (PMI) for the Services sector across the Eurozone. The latest readings for the month of September, with rare exception, are pointing to a softening in the Eurozone’s services industries. The headline Services PMI rate for the bloc now stands at 52.4, this is down from August’s 53.1 and misses the market expectation for level of 52.8. On a Composite basis the Eurozone’s PMI is now reading at 52.0 compared to 52.5 in August, consensus estimates were for a figure of 52.3.

Germany was the only core Eurozone country to manage a gain in their latest Services number, this rise to 55.7 from 54.9, the Zone’s largest economy even managed to beat expectations on this one, markets had been anticipating a reading of just 55.4. Overall this countered yesterday’s weak manufacturing number to produce a Composite of 54.1, marginally up on the previous month’s 54.0 and ahead of the expected 53.7. On the periphery, Ireland too managed to deliver a small gain in it’s PMI Services number from 62.4 to 62.5.

This means that several of the Eurozone’s larger economies, namely France, Spain and Italy, have all suffered set backs in their Services sectors according to the latest data. France has fallen back into contractionary territory with it’s figure of 48.4, this is down from 50.3 in August and misses the consensus estimate number of 49.4. The French Composite PMI is now down to 48.4 from it’s prior reading of 49.1. Spain has delivered a Services number of 55.8, this represents a significant drop from the August reading of 58.1 and falls well below the consensus estimate of 57.1. Finally, the Italian Services number has come in at 48.8, down from the prior month’s 49.8 and missing the anticipated level of around 50.

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