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Financial News: Eurozone Private Sector Growth Weakest In 4 Months

Eurozone Private Sector Growth Weakest In 4 Months

10/03/2018 - 04:20:00 (RTTNews)

(RTTNews) - The euro area private sector expanded at the slowest pace in four months in September on weak manufacturing activity, survey data from IHS Markit showed Wednesday.

The final composite output index dropped to 54.1 in September from 54.5 in August and slightly below the flash estimate of 54.2.

September's increase in activity, which marked the sixty-third successive month of growth, masked divergent trends between the manufacturing and services economies.

The service sector growth reached a 3-month high, while manufacturing logged its slowest rise in output since May 2016.

The services Purchasing Managers' Index rose to 54.7, in line with preliminary estimate, from 54.4 a month ago.

"Comparisons with official data indicate that the survey data are equivalent to GDP rising by almost 0.5 percent in the third quarter," Chris Williamson, chief business economist at IHS Markit, said.

At the national level, there was again a broad-based expansion. Germany and France continued to record relatively robust rates of expansion, despite the latter recording its weakest performance in 21 months.

Germany's private sector activity growth weakened due to a softening in manufacturing output. The composite index came in at 55.0 versus 55.6 in August and below the flash estimate of 55.3.

The services PMI rose to 55.9 in September from 55.0 in August but down from the flash estimate of 56.5.

France's private sector expanded at the slowest pace since December 2016. The composite output index fell to 54.0 in September from 54.9 in August. The flash reading was 53.6.

The services PMI dropped to 54.8 in September from 55.4 a month ago, signaling the slowest expansion in output since May. The initial reading was 54.3.

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