Eurozone PMI Composite Output Index at 45.9, 39-month low

Markit reported this morning,

The Markit Eurozone PMI® Composite Output Index fell from 46.3 in August to 45.9 in September, according to the preliminary ‘flash’ reading, based on around 85% of usual monthly replies. The index therefore signalled that the private sector economy contracted for the twelfth time in the past 13 months, with the rate of decline accelerating slightly to reach the fastest since June 2009…

The falls in production and new orders were widespread across the single currency area, although
a divergence was seen among the region’s two
largest economies.

France saw output and new orders both fall at the
fastest rates since April 2009, with rates of decline
accelerating markedly in both manufacturing and
services.

Germany meanwhile saw the rate at which output fell
ease substantially to show only a modest decline, and
the weakest since output began contracting in May.
The rate of loss of new orders also eased. Services
even saw a marginal upturn in activity for the first time
since May, though the manufacturing sector continued
to contract, led by a further sharp fall in new export orders. 

(click here if charts are not observable)

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