ユーロ圏 - コンポジットPMI

The IHS Markit Eurozone Composite PMI was unchanged at 50.6 in December 2019, slightly below market expectations of 50.7, a preliminary estimate showed. A deeper contraction in the manufacturing sector was offset by a stronger pace of expansion in services activity. New orders returned to growth and business activity rose slightly, while the rate of job creation was the weakest for over five years and backlogs of work fell the least in six months. On the price front, input prices increased at softest rate for over three years, and output charge inflation slowed to a 37-month low.

The IHS Markit Eurozone Composite PMI was revised higher to 50.6 in November 2019 from a preliminary estimate of 50.3, matching October's final reading. Still, the index remained amongst the lowest levels in the past six-and-a-half years, as services activity grew at a softer pace (PMI at 51.9 vs 52.2 in October) while manufacturing output continued to contract (PMI at 46.9 vs 45.9 in October). Incoming new work was unchanged following two consecutive months of decline, with export business dropping for a fourteenth month in a row. Also, levels of work outstanding were reduced for a ninth successive month, while payroll numbers increased further. On the price front, input cost inflation was close to September’s three-year low and prices charged rose only marginally. Finally, confidence about the future improved during November to its highest level since July.

The IHS Markit Eurozone Composite fell to 50.3 in November 2019 from 50.6 in the previous month and missing market consensus of 50.9, a preliminary estimate showed. The reading pointed to the second weaker expansion in the private sector since July 2013, as new orders dropped for the third successive month. Also, backlogs of work went down for the eleventh time in the past year, deteriorating at one of the sharpest rates seen over the past five years. In addition, the job creation rate eased for the fifth straight month to its lowest since January 2015. On the price front, input cost inflation slowed to its lowest since August 2016 and output prices increased at the joint-softest rate for three years. Finally, sentiment improved marginally to its highest in four months, still expectations about future output remained well below levels seen earlier in the year, amid geopolitical uncertainty, including Brexit, trade wars and auto tariffs, and worries regarding slowing demand.

The IHS Markit Eurozone Composite PMI was revised higher to 50.6 in October 2019 from a preliminary estimate of 50.2 and slightly above September's 50.1. Still, the latest reading signalled a rate of growth that was amongst the weakest seen in the past six-and-a-half years, as manufacturing output contracted for a ninth straight month while service sector continued to expand at a soft pace. New work declined for a second straight month, with exports down for a 13th consecutive period, while employment growth was the weakest in over four years. On the price front, input cost inflation remained closed to September’s 37-month low, and output charges again rose at a relatively subdued pace as a challenging business climate and competitive pressures weighed on pricing power. Looking ahead, business confidence was close to August’s 75-month low.

The IHS Markit Eurozone Composite PMI rose to 50.2 in October 2019 from 50.1 in September, but below market consensus of 50.3, a preliminary estimate showed. In spite of improvement, the private activity remains close to stagnation as better performance in the services sector (51.8 vs 51.6 in September) was not enough to offset the contraction in manufacturing which remained at seven-year low of 45.7. New orders went down at a slower rate, still adding to the worst picture of demand since mid-2013 in recent months. Also, the job creation rate dropped to its lowest since 2014 and backlogs of work fell for the 10th time in the past 11 months. On the price front, input prices went up slightly and output costs rose modestly, recording the smallest increase since November 2016. Lastly, expectations for output fell to the lowest since May 2013. By country, an improvement in France and a mild easing in the rate of decline in Germany helped keep the Eurozone out of the contraction territory.

The IHS Markit Eurozone Composite PMI fell to 50.1 in September 2019 from 51.9 in the previous month and below earlier estimates of 50.4, final data showed. The latest reading pointed to the slowest expansion in private activity since June 2013, as manufacturing downturn deepened (PMI at 45.7 from 47 in August) and the services sector growth eased (PMI at 51.6 from 53.5). New orders fell for the first time since January and to the greatest degree since mid-2013; and new export orders declined at the sharpest pace since composite export data were first available. Meantime, employment growth was the weakest in three-and-a-half years. On the price front, input costs rose at the slowest rate since August 2016 and output charges increased only marginally with the rate of inflation softening to a near three-year low. Finally, business sentiment increased slightly from August’s 75-month low.