Eurozone Prices Rise At Increased Rate At Start Of 2024 As Downturn Moderates

Summary

• Business activity in the euro area fell at the slowest rate for six months in January, according to provisional PMI survey data.
• The PMI in fact suggests that the Eurozone is enduring its deepest contraction since 2013 (if early pandemic months are excluded), albeit with recent months hinting at a bottoming out of the downturn.
• Service sector growth outside of France and Germany accelerated to a six-month high and the manufacturing decline moderated to register the smallest reduction for ten months.

Heidloss Tilo Geringswald Felix GbR

Business activity in the euro area fell at the slowest rate for six months in January, according to provisional PMI® survey data, albeit with downturns persisting in both manufacturing and service sectors amid further falls in new