Singular Bank | According to preliminary data for October, the Eurozone manufacturing PMI has rebounded slightly to 50.0 points (against 49.8 points in September), representing the eighth consecutive month of increased production in the sector. At the same time, the services PMI rose to 52.6 points (against 51.6 points in September) due to the faster pace of growth in new orders. For its part, the composite PMI for the European monetary bloc rose 1 point to 52.2 points, reaching its highest level in 17 months. However, this performance has been uneven across the major economies of the Eurozone.
In Germany, the preliminary reading of the manufacturing PMI for October showed a slight upturn of 0.1 points to 49.6 points, as there was a marginal increase in production. At the same time, the services PMI rose significantly to 54.5 points (against 51.5 points in September), reaching its highest level in 29 months, in a context marked by growth in new business. Given this development, the composite PMI reached 53.8 points (against 52.0 points in September), its highest level since April 2023.
In France, the preliminary reading for October’s manufacturing PMI showed a slight increase of 0.1 points to 48.3 points, remaining in contraction territory for the second month. In contrast, the services PMI fell to 47.1 points (against 48.5 points), reaching its lowest level in eight months as a result of the accelerating pace of decline in production. Thus, the composite PMI fell to 46.8 points (against 48.1 points the previous month), mainly due to the negative performance of the services sector, in a context marked by France’s complex budgetary and political situation.
