Eurozone PMI Manufacturing dropped from 48.4 to 46.6 in October, a 29-month low. PMI Providers dropped from 48.8 to 48.2, a 20-month low. PMI Composite dropped from 48.1 to 47.1, a 23-month low.
Chris Williamson, Chief Enterprise Economist at S&P International Market Intelligence stated: “The eurozone financial system appears set to contract within the fourth quarter given the steepening lack of output and deteriorating demand image seen in October, including to hypothesis {that a} recession is wanting more and more inevitable.
“Whereas October’s headline flash PMI is in keeping with GDP falling at a modest price of round 0.2%, demand is falling sharply and corporations are more and more rising nervous over excessive inventories and weaker than anticipated gross sales, particularly as winter approaches. The dangers are subsequently tilted in the direction of the downturn accelerating in the direction of the year-end.”
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