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Financial News: Eurozone Private Sector Growth Weakest Since Mid-2013

Eurozone Private Sector Growth Weakest Since Mid-2013

10/03/2019 - 04:58:00 (RTTNews)

(RTTNews) - The euro area private sector expanded at the slowest pace in more than six years in September, final data from IHS Markit showed Thursday.

The final composite output index fell to 50.1 in September from 51.9 in August. The reading was below the flash estimate of 50.4.

September's figure was the lowest since June 2013 and signaled a broad stagnation of the private sector economy at the end of the third quarter of 2019.

Manufacturers logged the sharpest fall in output for nearly seven years in September. Although the service sector continued to expand, the pace of growth was the weakest since the start of 2019.

The services Purchasing Managers' Index came in at 51.6, down from 53.5 in the previous month and the flash 52.0.

The growing risk of recession, coupled with a further moderation of inflationary pressures, will add to expectations that the European Central Bank will need to do more to stimulate the economy in coming months, Chris Williamson, chief business economist at IHS Markit said.

National data showed Germany slipping into contraction territory in September for the first time since April 2013. Italy and France registered only marginal increases in economic output, whilst growth weakened in Spain.

Germany's composite PMI fell to an 83-month low of 48.5 from 51.7 a month ago. The flash score was 49.1. Signaling the weakest growth for three years, the services PMI slid to 51.4 from 54.8. The reading was below the preliminary 52.5.

France's composite output index dropped to 50.8 from 52.9 in August. This was also below the preliminary reading of 51.3 and suggested the slowest pace of expansion since April. Likewise, the services PMI posted 51.1 versus 53.4 in August and the flash score of 51.6.

Italy's private sector expanded for the fourth straight month. The composite output index posted at 50.6 in September, up from 50.3 in August.

Central to the quicker rise in Italian private sector output was a faster expansion of service sector activity. The corresponding services PMI rose to 51.4 from 50.6 a month ago.

In Spain, private sector grew moderately as the manufacturing downturn deepened and the service sector growth softened in September.

The composite PMI slid to 51.7 from 52.6 in August. The reading matched July's 68-month low. The services PMI registered a reading of 53.3 compared to August's 54.3.

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