Flash: Eurozone PMI Hits Lows, Back to Recession Levels

Austerity, unemployment and low business confidence have pushed eurozone manufacturing levels to mid-recession lows.

􀂃 Flash Eurozone PMI Composite Output Index at 47.2 (49.1 in September). Lowest since July 2009.
􀂃 Flash Eurozone Services PMI Activity Index at 47.2 (48.8 in September). Lowest since July 2009.
􀂃 Flash Eurozone Manufacturing PMI at 47.3 (48.5 in September). Lowest since July 2009.
􀂃 Flash Eurozone Manufacturing PMI Output Index(4) at 47.2 (49.6 in September). 28-month low.

The data shows that deficits in most of the region’s weakest countries, particularly Spain, Italy and Greece, will be weaker than expected because of deteriorating GDP growth.

Douglas A. McIntyre