Indicators
Europe’s Top Economies Face Tough Time at the Start of 2024
- January composite PMI index increases to 47.9; est. 48
- Manufacturing rises more than expected, services drop
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Private-sector activity in the euro area contracted for an eighth month in January, a weak start to the year after a likely second-half recession.
Data Wednesday showed S&P Global’s purchasing managers’ index inched up to 47.9, just shy of the 48 predicted by economists and the closest to the 50 level that marks expansion since July. That improvement was down to manufacturing, which jumped to a 10-month high, while services defied analyst expectations and dropped.