PMIs Point to Moderating U.S. Momentum as Eurozone Expansion Inches Higher on German Strength

Overview

• The eurozone composite PMI rose to 51.2 in September from 51.0, marking a ninth consecutive month of growth.
• Germany led the bloc with a 16-month high PMI of 52.4, outpacing expectations and lifting the eurozone aggregate.
• France’s PMI fell to 48.4, signaling a 13th straight month of contraction, with large nationwide protests reported last week.
• Eurozone services strengthened to a nine-month high of 51.4 as manufacturing slipped back into contraction at 49.5.
• In the U.S., the composite PMI eased to 53.6 with services at 53.9 and manufacturing at 52, and tariffs were cited as a persistent driver of higher costs.