The IHS Markit Eurozone Composite PMI was revised slightly higher to 50.9 in December 2019 from a preliminary estimate of 50.6. That pointed to the strongest pace of expansion in the bloc's private sector since August, mainly boosted by service sector growth (PMI at 52.8 from 51.9 in November) while factory activity contracted for an 11th straight month (PMI at 46.3 from 46.9 in November). Incoming new work increased for the first time in four months, despite a 15th successive drop in foreign demand, while levels of work outstanding were cut for a 10th month in a row and employment growth eased to a five-year low. On the price front, input cost inflation was little-changed, while output charges were raised only modestly as competitive pressures and weak demand conditions limited pricing power. Finally, confidence about the future improved during December to its highest level since May. Composite Pmi in the Euro Area averaged 52.59 points from 2012 until 2019, reaching an all time high of 58.80 points in January of 2018 and a record low of 45.70 points in October of 2012. source: Markit Economics

Composite Pmi in Euro Area is expected to be 50.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Composite Pmi in Euro Area to stand at 53.20 in 12 months time. In the long-term, the Euro Area Composite PMI is projected to trend around 53.70 points in 2020, according to our econometric models.

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Euro Area Composite PMI

Actual Previous Highest Lowest Dates Unit Frequency
50.90 50.60 58.80 45.70 2012 - 2019 points Monthly


News Stream
2019-12-16
Eurozone Private Sector Growth Remains Subdued
The IHS Markit Eurozone Composite PMI was unchanged at 50.6 in December 2019, slightly below market expectations of 50.7, a preliminary estimate showed. A deeper contraction in the manufacturing sector was offset by a stronger pace of expansion in services activity. New orders returned to growth and business activity rose slightly, while the rate of job creation was the weakest for over five years and backlogs of work fell the least in six months. On the price front, input prices increased at softest rate for over three years, and output charge inflation slowed to a 37-month low.

2019-12-04
Eurozone Composite PMI Revised Higher
The IHS Markit Eurozone Composite PMI was revised higher to 50.6 in November 2019 from a preliminary estimate of 50.3, matching October's final reading. Still, the index remained amongst the lowest levels in the past six-and-a-half years, as services activity grew at a softer pace (PMI at 51.9 vs 52.2 in October) while manufacturing output continued to contract (PMI at 46.9 vs 45.9 in October). Incoming new work was unchanged following two consecutive months of decline, with export business dropping for a fourteenth month in a row. Also, levels of work outstanding were reduced for a ninth successive month, while payroll numbers increased further. On the price front, input cost inflation was close to September’s three-year low and prices charged rose only marginally. Finally, confidence about the future improved during November to its highest level since July.

2019-11-22
Eurozone Private Sector Growth Slows in November
The IHS Markit Eurozone Composite fell to 50.3 in November 2019 from 50.6 in the previous month and missing market consensus of 50.9, a preliminary estimate showed. The reading pointed to the second weaker expansion in the private sector since July 2013, as new orders dropped for the third successive month. Also, backlogs of work went down for the eleventh time in the past year, deteriorating at one of the sharpest rates seen over the past five years. In addition, the job creation rate eased for the fifth straight month to its lowest since January 2015. On the price front, input cost inflation slowed to its lowest since August 2016 and output prices increased at the joint-softest rate for three years. Finally, sentiment improved marginally to its highest in four months, still expectations about future output remained well below levels seen earlier in the year, amid geopolitical uncertainty, including Brexit, trade wars and auto tariffs, and worries regarding slowing demand.

2019-11-06
Eurozone Private Sector Growth Remains Subdued
The IHS Markit Eurozone Composite PMI was revised higher to 50.6 in October 2019 from a preliminary estimate of 50.2 and slightly above September's 50.1. Still, the latest reading signalled a rate of growth that was amongst the weakest seen in the past six-and-a-half years, as manufacturing output contracted for a ninth straight month while service sector continued to expand at a soft pace. New work declined for a second straight month, with exports down for a 13th consecutive period, while employment growth was the weakest in over four years. On the price front, input cost inflation remained closed to September’s 37-month low, and output charges again rose at a relatively subdued pace as a challenging business climate and competitive pressures weighed on pricing power. Looking ahead, business confidence was close to August’s 75-month low.

2019-10-24
Eurozone Private Sector Activity Below Estimates
The IHS Markit Eurozone Composite PMI rose to 50.2 in October 2019 from 50.1 in September, but below market consensus of 50.3, a preliminary estimate showed. In spite of improvement, the private activity remains close to stagnation as better performance in the services sector (51.8 vs 51.6 in September) was not enough to offset the contraction in manufacturing which remained at seven-year low of 45.7. New orders went down at a slower rate, still adding to the worst picture of demand since mid-2013 in recent months. Also, the job creation rate dropped to its lowest since 2014 and backlogs of work fell for the 10th time in the past 11 months. On the price front, input prices went up slightly and output costs rose modestly, recording the smallest increase since November 2016. Lastly, expectations for output fell to the lowest since May 2013. By country, an improvement in France and a mild easing in the rate of decline in Germany helped keep the Eurozone out of the contraction territory.

2019-10-03
Eurozone Private Sector Growth at Over 6-Year Low
The IHS Markit Eurozone Composite PMI fell to 50.1 in September 2019 from 51.9 in the previous month and below earlier estimates of 50.4, final data showed. The latest reading pointed to the slowest expansion in private activity since June 2013, as manufacturing downturn deepened (PMI at 45.7 from 47 in August) and the services sector growth eased (PMI at 51.6 from 53.5). New orders fell for the first time since January and to the greatest degree since mid-2013; and new export orders declined at the sharpest pace since composite export data were first available. Meantime, employment growth was the weakest in three-and-a-half years. On the price front, input costs rose at the slowest rate since August 2016 and output charges increased only marginally with the rate of inflation softening to a near three-year low. Finally, business sentiment increased slightly from August’s 75-month low.


Euro Area Composite PMI
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.

Euro Area Business Last Previous Highest Lowest Unit
Business Confidence -0.25 -0.21 1.64 -3.32 points [+]
Services PMI 52.80 51.90 58.30 39.20 points [+]
Manufacturing PMI 46.30 46.90 60.60 33.50 points [+]
Composite Pmi 50.90 50.60 58.80 45.70 points [+]
Industrial Production -1.50 -2.60 9.70 -21.40 percent [+]
Industrial Production Mom 0.20 -0.90 3.30 -4.00 percent [+]
Manufacturing Production -1.60 -2.70 10.00 -21.70 percent [+]
Capacity Utilization 81.20 81.90 85.30 69.60 percent [+]
Changes In Inventories -0.63 10.14 29.74 -23.13 EUR Billion [+]
Zew Economic Sentiment Index 11.20 -1.00 89.90 -63.70 [+]
Car Registrations 1012.92 940.40 1147.81 672.70 Thousand [+]
Industrial Sentiment -9.30 -9.10 10.20 -37.70 [+]
Mining Production -3.10 -5.80 42.30 -27.80 percent [+]
Services Sentiment 11.40 9.20 35.30 -25.20 [+]