Eurozone and German Business Activity Slows in October as PMIs Miss Estimates
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
- Eurozone Composite PMI fell to 51.9 in October, missing 52.7 forecast.
- Germany’s Composite PMI declined to 52.8, below 53.3 expectation.
- Services sector activity slowed significantly across both regions.
Private sector activity across the Eurozone and Germany expanded at a slower pace in October, with both regions’ HCOB Composite Purchasing Managers’ Index (PMI) falling below market expectations. The Eurozone Composite PMI registered 51.9, down from 53.1 in September and missing the 52.7 forecast. Similarly, Germany’s Composite PMI declined to 52.8 from 53.8, also below the 53.3 expectation. While Germany’s manufacturing sector saw its PMI rise to 54.2, exceeding forecasts, the services sector for both Germany and the Eurozone experienced a notable slowdown, with respective PMIs at 51.7. This broad-based softening in business activity, particularly in services, suggests a fragile recovery and the slowest growth in new orders for several months across the bloc.