Eurozone Economy Swung to Expansion in January, PMIs Show

MARKET_WATCH Economy

By Xavier Fontdegloria The eurozone economy expanded in January for the first time in seven months, according to a purchasing managers survey, adding to signs that the region could face a milder-than-expected downturn this winter or even avoid a recession. The S&P Global Flash Eurozone PMI Composite Output Index, which gauges activity in the manufacturing and services sectors, increased to 50.2 in January from 49.3 in December, the highest level since June. 

 

Economists polled by The Wall Street Journal expected a the PMI to come in at 49.7. The index's pickup to above the 50.0 threshold breaks a string of six consecutive months signaling contraction. Still, January's gain in activity was only marginal as the reading stood just above the 50.0 no-change mark. "A steadying of the eurozone economy at the start of the years adds to evidence that the region might escape recession," S&P Global chief business economist Chris Williamson said. 

 

Business confidence jumped in January amid better economic prospects for 2023, and while orders continued to decline they did so at a softer pace compared with year-end, data from the survey showed. Cost inflation continued to abate, but average selling prices for both goods and services accelerated, S&P Global said. Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com 

 

 

Source : [Eurozone Economy Swung to Expansion in January, PMIs Show](www.marketwatch.com/story/eurozone-economy-swung-to-expansion-in-january-pmis-show-271674551613?mod=newsviewer_click) undefined - Market / January 24, 2023

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