Euro zone economy likely contracted in Q3 as demand faltered -PMI
© Reuters. FILE PHOTO: A steel worker of ThyssenKrupp walks in front of a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File PhotoLONDON - The euro zone economy probably shrank last quarter, according to a survey which showed demand fell in September at the fastest pace in almost three years as indebted consumers reined in spending in the face of rising borrowing costs and higher prices.
Wednesday's survey showed the downturn was broad-based as, like in August, output declined in both services and manufacturing. A PMI covering the bloc's dominant services industry remained sub-50 for a second month but did rise to 48.7 from 47.9. The flash estimate was 48.4. "There is still a frenzy for workers in the services sector. Indeed, euro zone firms bulked up their teams at a faster pace than in August. That is a head-turner, considering new business is in the doldrums," added de la Rubia.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Marketmind: Markets strap in for PMI data dump By ReutersMarketmind: Markets strap in for PMI data dump
Read more »
Russian factory activity grows at fastest pace in over six years in Sept -PMI By ReutersRussian factory activity grows at fastest pace in over six years in Sept -PMI
Read more »
Polish factory downturn strong in Sept, but declines soften -PMI By ReutersPolish factory downturn strong in Sept, but declines soften -PMI
Read more »
Spanish factory activity shrinks for sixth straight month in Sept -PMI By ReutersSpanish factory activity shrinks for sixth straight month in Sept -PMI
Read more »
European stocks start fourth quarter with gains; focus on PMI data By ReutersEuropean stocks start fourth quarter with gains; focus on PMI data
Read more »
India's factory growth eased in September but remained strong -PMI By ReutersIndia's factory growth eased in September but remained strong -PMI
Read more »