Euro Area Composite PMI

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In the Euro Area, the Markit Eurozone PMI Composite Output Index tracks business trends across both the manufacturing and service sectors, based on data collected from a representative panel of over 5,000 companies (60 percent from the manufacturing sector and 40 percent from the services sector). The index tracks variables such as sales, new orders, employment, inventories and prices. National data are included for Germany, France, Italy, Spain, Austria, the Netherlands, Greece and the Republic of Ireland. A reading above 50 indicates expansion in business activity and below 50 indicates that it is generally declining.

Latest Updates

The HCOB Eurozone Composite PMI fell to 48.1 in November of 2024 from 50 in the previous month, missing expectations of 50 to mark the sharpest contraction in the bloc’s private sector activity according to preliminary estimates. The result consolidated the poor momentum for demand in the Eurozone’s largest economies, with fresh weakness in the previously-resilient service sector (49.2 vs 51.6 in October) magnifying the impact of a deeper contraction for manufacturers (45.2 vs 46). Aggregate output was lower for the second time in three months, with both sectors recording contractions for the first time this year. This was due to sharp drops in new orders, as the depletion of backlogs could not sustain activity. Consequently, the lower demand for capacity drove firms to shed their workforce. On the price front, input cost inflation rose to a three-month high, accelerating output charges. Looking forward, confidence in the year ahead waned.