Euro Area Composite PMI
Aug 31, 2023
Time to Release
In the Euro Area, the Markit Eurozone PMI Composite Output Index tracks business trends across both the manufacturing and service sectors, based on data collected from a representative panel of over 5,000 companies (60 percent from the manufacturing sector and 40 percent from the services sector). The index tracks variables such as sales, new orders, employment, inventories and prices. National data are included for Germany, France, Italy, Spain, Austria, the Netherlands, Greece and the Republic of Ireland. A reading above 50 indicates expansion in business activity and below 50 indicates that it is generally declining.
The HCOB Eurozone Composite PMI was revised lower to 46.7 in August 2023 from a preliminary of 47, pointing to the biggest contraction in private sector activity since November of 2020. The overall retreat in activity was broad-based across the manufacturing and services sectors as the latter contracted for the first time in 2023 so far. New orders also dropped the most since late-2020, leading to companies completing outstanding work at the fastest rate in over three years. This resulted in one of the softest 12-month outlook in 2023 so far and a near-stalling of jobs growth, with private sector employment rising at the slowest rate in the current 31-month sequence of increases. The latest prices data were also cause for concern, as input price inflation accelerated on the month for the first time since September 2022. The average increase in prices charged for goods and services was the slowest in two-and-a-half years, but remained stronger than the long-run trend.
Euro Area Composite PMI History
Last 12 readings