A key indicator for the eurozone economy fell to a four-month low in October, as increased restrictions due to a rise in coronavirus numbers hit the services sector.
The flash eurozone composite purchasing managers index fell to 49.4 in October from 50.4 in September, falling just below the 50 mark that indicates deteriorating conditions.The flash eurozone services PMI fell to 46.2 from 48, while the manufacturing PMI rose to 54.4 from 53.7. “The survey revealed a tale of two economies, with manufacturers enjoying the fastest growth since early-2018 as orders surged higher amid rising global demand, but intensifying COVID-19 restrictions took an increasing toll on the services sector, led by weakening demand in the hard-hit hospitality industry,” said Chris Williamson, chief business economist at IHS Markit.French economy minister Bruno Le Maire said in a Friday radio interview that France’s GDP would contract in the fourth quarter.
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