Economic Buzz: Eurozone Manufacturing PMI Falls To 48.4 In September

3 Oct 2022 , 04:04 PM

The euro areas manufacturing sector fell deeper into contraction territory during September, latest PMI data from S&P Global showed, due to further slides in both output and new orders. In some cases, production volumes were reduced in response to high energy prices, while many firms downwardly adjusted their operating schedules in line with lower order books. Demand for eurozone goods sank sharply in September as high inflation and economic uncertainty reportedly squeezed client appetite. Business confidence subsequently fell to its lowest level since May 2020, leading firms to cut purchasing activity further in anticipation of more challenging conditions. The S&P Global Eurozone Manufacturing PMI fell to 48.4 in September, from 49.6 in August, signaling a further worsening of operating conditions for euro area goods producers. Moreover, the headline index slumped to its lowest level since June 2020. Powered by Commodity Insights