The flash euro zone PMI composite index — which measures both manufacturing and services — stood at 50.1, just marginally pushing into expansion territory.This latest preliminary number points to a three-month low in economic activity for the region.Kiran Ridley | Getty Images News | Getty Images
The flash euro zone PMI composite index — which measures both manufacturing and services — stood at 50.1, just marginally pushing into expansion territory. A reading below 50 indicates an economic contraction. This latest preliminary number points to a three-month low in economic activity for the region.
"A two-speed economy is evident, with factories reporting that production growth was buoyed by rising demand, notably from export markets and the reopening of retail in many countries, but the larger service sector has sunk back into decline as face to-face consumer businesses in particular have been hit by intensifying virus concerns," Chris Williamson, chief business economist at IHS Markit, said in a statement alongside the data.
"The sharp rise in Covid-19 cases recorded across France during September helped to explain the first fall in business activity since May," Eliot Kerr, an economist at IHS Markit, said in a statement on Wednesday.
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