The growth of the private sector in the euro zone and its stability in Germany has declined
2018-09-21 08:35 am | Resource: News | No Views : 127
The euro zone's private sector grew at its second-lowest rate since late 2016 on light industrial activity growth in September, according to a survey of IHSMarket on Friday.
The composite output index fell to 54.2 in September from 54.5 in August. The score was expected to remain unchanged at 54.5. Although the mark was well above the 50.0 level unchanged, it was the lowest since November 2016 except in May.
Industrial PMI fell to 53.3 from 54.6 a month ago. The result was expected to drop slightly to 54.5. Meanwhile, the PMI service rose to a 3-month high of 54.7 in September. The index was expected to remain at 54.4.
"The near-term recession has contributed to one of the worst months for the euro zone economy for almost two years," said Chris Williamson, chief economist at IHS Markit.
"The wars of trade, the bricet, the decline in global demand (especially in the automotive industry), increased risk aversion, debt destruction and increased political uncertainty both in and outside the euro zone have fueled a slowdown in business," Williamson said.
Germany's private sector posted moderate growth in September
Germany's private sector growth fell from a six-month high in September, according to a survey of EHSMarket on Friday.
The composite output index fell to 55.3 in September from a six-month high of 55.6 in August. However, the last reading was the second best reading since February. The expected reading was 55.4. The data showed mixed performance between the two main sectors of the German economy, with services gaining momentum and outpacing the slowdown in the manufacturing sector.
The services PMI rose to 56.5 from 55.0 in August. The result was expected to remain unchanged at 55.0.
Meanwhile, the factory purchasing managers' index fell to a 25-month low of 53.7 from 55.9 last month. Economists had expected the index to drop slightly to 55.7. The index has now fallen in eight of the last nine months.
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