And it went down Purchasing managers index The Eurozone Composite, released by Standard & Poor’s Global, rose to 49.6 in September, from 51.0 in August.
The index result was below the 50 level that separates growth from contraction, but it was much higher than an initial estimate of 48.9.
The Purchasing Managers’ Index, which covers the dominant services industry, fell Eurozone to 51.4 last month from 52.9, but it was higher than the initial reading of 50.5.
“At first glance, the eurozone’s services sector appears to be holding up fairly well,” said Cyrus de la Rubia, chief economist at Hamburg Bank. “It is still growing, and the slowdown is not too severe yet.”
“But when you look deeper at individual countries, the picture is not as rosy – except for Spain,” he added.
Previous data showed that business activity for French service providers slowed after the impact of the Olympics, and in Germany and Italy growth was almost non-existent.
This was despite companies in the area raising fees only slightly in the past month.
The composite output price index fell to 51.5 from 53.0, the lowest level not seen since early 2021.
Official data showed, on Tuesday, that Inflation in European Union It fell to 1.8 percent in September, below the target European Central Bank of 2 percent, which reinforces the trend to reduce interest rates again this month.
Indicating that no shift is imminent, demand for services fell, and the new business index fell to an eight-month low of 49.7 from 51.2.
