The Markit Composite PMI and Services PMI for the Eurozone were just released, which recorded a noticeable decline against expectations. Where these two indicators indicate a decline in the conditions of the economy and confirm the predicament of the European deflation, as it came below 50 points. This is in light of the recent turmoil in Europe in general, and Germany in particular, due to the gas crisis that plunged the euro to its lowest level in 20 years.
The Markit Composite Purchasing Managers' Index for the Eurozone came to 48.9, down from 49.9, which is seen as a good indicator of economic health if it goes above 50, and vice versa.
The Services Purchasing Managers' Index recorded 49.8 after it was estimated to have registered 51.2 points. It gives a clue about the health of the service sector in the Eurozone. Traders keep a close eye on these surveys because purchasing managers usually have early access to data on their companies' performance, which can be an indicator of overall economic performance.
The Markit Composite Purchasing Managers' Index for the Eurozone came to 48.9, down from 49.9, which is seen as a good indicator of economic health if it goes above 50, and vice versa.
The Services Purchasing Managers' Index recorded 49.8 after it was estimated to have registered 51.2 points. It gives a clue about the health of the service sector in the Eurozone. Traders keep a close eye on these surveys because purchasing managers usually have early access to data on their companies' performance, which can be an indicator of overall economic performance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.