Eurozone PMI Manufacturing was finalized at 46.4 in October, down from September’s 48.4. Manufacturing Output Index was finalized at 43.8, down from prior month’s 46.3. Both were the lowest reading in 29 months.
Looking at member countries, Ireland PMI manufacturing dropped to 51.4 (2-month low) but stayed in expansion. Greece (48.1, 22-month low), the Netherlands (47.9, 27-month low), France (47.2, 29-month low), Austria (46.6, 28-month low), Italy (46.5, 29-month low), Germany (45.1, 28-month low), and Spain (44.7, 29-month low) were all in contraction.
Joe Hayes, Senior Economist at S&P Global Market Intelligence said: “The eurozone goods-producing sector moved into a deeper decline at the start of the fourth quarter. The PMI surveys are now clearly signalling that the manufacturing economy is in a recession. In October, new orders fell at a rate we’ve rarely seen during 25 years of data collection – only during the worst months of the pandemic and in the height of the global financial crisis between 2008 and 2009 have decreases been stronger.”
