Markit’s preliminary PMI manufacturing index for the Eurozone fell almost three points in September, standing at 58.7 from 61.4 in August, disappointing the 62 expected. This is the lowest reading recorded in seven months.
The Preliminary Services PMI has also descended, falling to 56.3 from the 59 of the previous month, below the 59.8 expected by the market. The figure marks a minimum of four months.
Indicators point to a slower growth as supply bottlenecks are holding back activity since the Cost prices have reached a maximum of 21 years.
Commenting on the preliminary PMI data, Chris Williamson, IHS Markit chief business economist, said: “The September indicator highlights an unwanted combination of much slower economic growth and steeply rising prices.”
“On the one hand, some slowdown in growth was to be expected from the two-decade highs seen in early summer. On the other hand, companies have been increasingly frustrated by delays in supply, shortages and falling prices. As a result, companies, especially in manufacturing, but now also in the service sector, are constrained and often lose sales and customers, “added Williamson.
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