Euro area composite PMI unchanged in December

Monday, 16. December 2019 10:01

Private sector activity in the euro area remained unchanged at 50.6 in December, finishing a quarter in which output rose at the weakest pace since 2013. While the services sector showed welcoming signs, manufacturing plunged deeper into recession, the data published on Monday revealed.

According to a flash estimate from IHS Markit, the output in manufacturing declined at the fastest pace since October 2012, having fallen for 11 consecutive months, with PMI landing at 45.9 thanks in part to job creation which recorded the sharpest decline in over seven years.

Meanwhile, activity in the services sector continued to expand, with both business activity and new work inflow growing at the quickest rate since August. Services PMI landed at 52.4, gaining 0.5 points in the observed month, beating economists' predictions by 0.4 points.

In Germany, business activity fell for the fourth consecutive month, with services partially offsetting the decline. In France, business activity continued to rise for the ninth month in a row, with services ticking higher and manufacturers reporting a near-stalling of production.

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