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Eurozone Business Activity Slips to Five-Month Low as Costs Hit 21-Year High

September 23, 2021 by Forex Winner Leave a Comment

Eurozone Business Activity Slips to Five-Month Low as Costs Hit 21-Year High

Source: IHS Markit

The Eurozone business activity slowed to a five-month low in September, as supply issues and pandemic concerns weighed down output while costs rose to a 21-year high.

  • The Eurozone PMI Composite Output Index slipped to 56.1 from 59.0 in August. This is the lowest since April but remains above the pre-pandemic trend.
  • Costs surged to post a 21-year high growth, with demand outpacing supply in both manufacturing and services.
  • The Services PMI slipped to 56.3 from 59.0 in August, its weakest since May, as firms recorded the smallest production growth in eight months.
  • Manufacturing output dropped to an eight-month low of 55.6, primarily due to supply chain issues that hit several providers. The pandemic also hit demand.
  • Manufacturing PMI stood at 58.7, the lowest in seven months. New orders grew at the slowest since April, and demand growth cooled versus prior months.
  • Order backlogs posted a steep climb, while delivery times recorded longer periods in September to post a pandemic high.

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