After the publication of the PMIs of the main economies of the region, S&P Global has published the Purchasing managers’ index PMI manufacturing for the Eurozone in September. The indicator has fallen to 48.4 points from the 48.5 registered the previous month, thus extending its movement in contraction territory. The market expectation was for it to remain unchanged at 48.5.
The index falls to its lowest level since the 47.4 points registered in July 2020.
Previously, S&P Global had published that the Spain manufacturing PMI fell to 49 points in September from 49.9 and below the expected 49.3, the Italy’s manufacturing PMI unexpectedly rose to 48.3 from 48 and above an expected drop to 47.5, France’s manufacturing PMI fell to 47.8 from 48.3 and Germany’s manufacturing PMI fell to 48.4 from 48.5.
About the German Manufacturing PMI
The Manufacturing Purchasing Managers’ Index (PMI), released by S&P Global, captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of the total GDP, the PMI is an important indicator of business conditions and economic conditions in the Eurozone. A reading above 50 points indicates expansion in economic activity, while a reading below 50 points implies a decrease in activity. Generally, a result higher than expected is bullish for the euro, while a result lower than the consensus is bearish.
Source: Fx Street
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