Euro area PMI rises thanks to Germany

The composite Purchasing Managers' Index (PMI) for manufacturing and the service sector in the euro area continued its slight upward trend in September, rising from 51.0 to 51.2 points. When it has previously been in this range, the euro area economy has mostly grown at a moderate pace. The two sub-indices developed very differently, however: the index for manufacturing fell by more than one point from 50.7 to 49.5 points, dropping below the 50 mark that separates contraction from expansion. In contrast, the services PMI rose by just under one point from 50.5 to 51.4.

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