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Financial News: Eurozone Private Sector Growth Weakens In September

Eurozone Private Sector Growth Weakens In September

09/21/2018 - 04:18:00 (RTTNews)

(RTTNews) - Eurozone private sector grew at the second-weakest rate since late-2016 on subdued manufacturing activity growth in September, survey data from IHS Markit showed Friday.

The composite output index fell to 54.2 in September from 54.5 in August. The score was forecast to remain unchanged at 54.5.

Although the score was well above the 50.0 no-change level, it was the lowest since November 2016 with the exception of last May.

The manufacturing Purchasing Managers' Index dropped to 53.3 from 54.6 a month ago. The score was forecast to fall slightly to 54.5.

Meanwhile, the services PMI rose to a 3-month high of 54.7 in September. The indicator was expected to remain at 54.4.

Chris Williamson, chief business economist at IHS Markit said, "A near stagnation of exports contributed to one of the worst months for the Eurozone economy for almost two years."

"Trade wars, Brexit, waning global demand (notably in the auto industry), growing risk aversion, destocking and rising political uncertainty both within the Eurozone and further afield all fueled the slowdown in business activity," Williamson added.

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