(IHS Markit) The Eurozone manufacturing sector slowed down in October, with a drop in PMI to 58.3 from 58.6 in September. The expansion was the slowest growth since February.
Companies attributed the slow expansion to input acquisition challenges.
The rate of new business expansion rose the weakest since January due to the supply chain challenges and a decreasing demand for finished and intermediate goods.
Purchasing orders jumped at the steepest rate, but the rate remained at an eight-month low in September. New export orders expanded the weakest year to date.
The inflation rate increased at record rate in the euro area, driven by a jump in input and output prices.
Work backlogs surged, but the rate of employment rose for the ninth consecutive month.
Ireland, the Netherlands, Italy, and Greece recorded the fastest growth in the euro area-manufacturing sector, while Germany and France dropped to a nine-month low.
Business confidence dropped to a year’s low but remained above the historical confidence.
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