Euro Area's manufacturing slows, while services pick up in September

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Composite PMI in the Euro Area increased to 51.20 points in September. At 51.2, the index was up slightly from August’s reading of 51.0 and pointed to a modest monthly rise in output that was the most pronounced since May 2024.

HCOB flash Eurozone manufacturing PMI at 50.7 (vs. August: 52.5), a 2-month low; while the HCOB flash Services PMI Business Activity Index at 51.4 (vs. August: 50.5), a 9-month high.

“The eurozone is still on a growth path. Manufacturing output has increased for the seventh month in a row, and business activity in the services sector has been expanding almost continuously since February 2024. That said, we’re still a long way from seeing any real momentum. Just consider that the Composite PMI, which combines activity in both manufacturing and services, hit a modest 51.2 points and reached with this a 16-month high." said [https://www.pmi.spglobal.com/Public/Home/PressRelease/c9960ab79dab4178a732df013652bd14] Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank.

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