A Rise in the Eurozone Preliminary Manufacturing PMI in January Makes Sense

EnclaveFX Ltd
Jan 24, 2023

On Tuesday, S&P Global Research reported that the downturn in manufacturing activities in the Eurozone eased further in January.

During January, the Eurozone Manufacturing purchasing managers index (PMI) reached a five-month high of 48.8 compared with 48.5 expectations and 47.8 last month.

Services PMI in the bloc stood at 50.7 in January, a six-month high compared to 50.2 expected and 49.8 in December.

In January, the S&P Global Eurozone PMI Composite increased sharply to 50.2 compared to 49.8 expected and 49.3. It surpassed a seven-month high.

An interview with Chris Williamson, Chief Business Economist at S&P Global Advisory Services

The stable eurozone economy at the beginning of this year suggests that the region might escape recession. As the survey suggests, a nadir was reached in October, when fears over the energy market, particularly, have been alleviated by falling prices and generous government assistance.

"A stabilizing of the eurozone economy at the beginning of the year adds to the belief that the region may be able to emerge from recession in the future." The survey suggests that a nadir was reached back in October, when fears about the energy market, particularly, have been alleviated by falling prices, helped by the warmer-than-usual weather and generous government assistance.


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