September sees private sector activity decline in eurozone – PMI

The eurozone economy faced a fresh setback in September, as total business activity contracted for the first time since February, according to the HCOB PMI survey by S&P Global on Thursday.

The Composite PMI Output Index fell from 51.0 in August to 49.6, signalling a marginal decline in private sector output. Germany, France, and Italy all recorded simultaneous contractions in business activity, with Germany leading the downturn.

Demand for goods and services dropped at the fastest pace in eight months, leading to backlog reductions and modest job cuts. Meanwhile, input cost inflation eased, with eurozone firms raising prices at the slowest rate in over three years.