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Financial News: Eurozone Private Sector Downturn Moderates

Eurozone Private Sector Downturn Moderates

01/24/2024 - 04:45:00 (RTTNews)

(RTTNews) - Eurozone private sector activity declined at the slowest pace in six months in January, survey data from S&P Global revealed on Wednesday.

The composite output index rose to a six-month high of 47.9 from 47.6 in December. The expected score was 48.0.

Nonetheless, downturns persisted in both manufacturing and service sectors amid further falls in new business. Goods producers continued to lead the downturn.

The manufacturing Purchasing Managers' Index posted 46.6, up from 44.4 a month ago. The reading was seen at 44.8. Moreover, the reading was the highest in ten months.

At the same time, services PMI slid to 48.4 from 48.8 in the previous month. The reading was forecast to rise to 49.0.

"In the ongoing discourse surrounding the optimal timing of rate cuts by the ECB, the PMI price indicators align with the sentiments of the hawks," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.

"They are all about shouting "hold your horses" telling everyone to take it slow and not rush into early cuts," the economist added.

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