Eurozone PMI Services was finalized at 50.8 in January, up from December’s 49.8, hitting a 6-month high. PMI Composite was finalized at 50.3, up from prior month’s 49.3, a 7-month high.
Looking at some member states, Ireland PMI Composite rose to 3-month high at 52.0. Spain rose to 6-month high at 51.6. Italy rose to 7-month high at 51.2. Germany rose to 7-month high at 49.9. France was unchanged at 49.1.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:
“A resumption of business output growth, even marginal, is welcome news and suggests that the eurozone could escape a recession…. However, it remains too early to completely disregard recession risks.
“In particular, the impact of higher interest rates on economic growth has yet to be fully felt, and many companies are relying on backlogs of previously placed orders, accumulated during the pandemic, to sustain growth.”
