(IHS Markit) Eurozone recorded a Composite Output Index of 52.4 in January, reflecting an eleven-month low as the service activity slowed due to Omicron impacts.
Services activity took a hit, with the activity index plunging to a nine-month low of 51.2 in January from 53.1 in December.
Easing supply chain bottlenecks had a positive impact on manufacturing, with the PMI Output Index climbing to a 5-month high of 55.8 in January. Manufacturing PMI was also at a five-month high of 59.0.
New orders rose, although it was at the slowest since March, although inflows of new businesses into the service sector were near to stagnation.
Backlogs rose in both the service and manufacturing sectors, with labor and supply issues curtailing efforts to increase output.
Employment rose solidly, with manufacturing job additions rising to the highest since July.
Germany posted the strongest growth since September, with activity rebounding from its small contraction in December. France’s expansion hit the weakest since April.
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