The eurozone’s final September business survey confirmed the strongest expansion since April 2023. The composite purchasing managers’ index rose to 53.1 from 52 in August, with both services and manufacturing improving. New orders strengthened and overseas demand recovered, while cost and selling-price pressures increased. The survey points to stronger activity, but its growth estimates are not official gross domestic product figures.
The eurozone’s final September composite purchasing managers’ index rose to 53.1 from 52 in August, confirming its highest reading since April 2023. Both manufacturing and services strengthened. The services index reached 53.0, up from 51.6, and matched the preliminary estimate. Readings above 50 indicate activity increased from the previous month. The third quarter was the strongest in the survey since the second quarter of 2022.[1], [2]
In S&P Global’s survey, new orders across the private sector increased at their fastest pace in 41 months, while overseas orders grew at their quickest rate in more than four and a half years. Service export orders ended a 39-month contraction. Spain led the country comparison, followed by Ireland, and Germany’s recovery accelerated. Italy and France recorded more modest growth. The survey consequently shows differences between countries within the wider expansion.[1]
Input costs and selling prices increased at their fastest pace in four months. Slower services hiring offset a modest acceleration in factory recruitment, leaving overall employment growth weaker. Business confidence remained steady. S&P Global chief economist Chris Williamson said the surveys indicated quarterly GDP growth of 0.4 per cent. That figure is his assessment of the survey signal, not a published national-accounts result or a guarantee of subsequent growth.[1]
