The euro zone economy will likely contract in the third quarter and will not return to growth anytime soon, a survey showed, even though a downturn in the bloc's business activity eased slightly in September.
HCOB's flash euro zone Composite Purchasing Managers' Index , compiled by S&P Global and seen as a good gauge of overall economic health, rose to 47.1 in September from August's 33-month low of 46.7.
"The numbers for PMI services in the euro zone paint a grim picture," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, adding he thought the economy would 0.4% contract this quarter.September's fall in overall activity came despite firms barely increasing their charges. The composite output prices index dropped to 52.2 from 53.3, its lowest since early 2021.
The services PMI rose to 48.4 from 47.9 but spent its second month below the breakeven mark this year. The Reuters poll had predicted a reading of 47.7.
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