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Business activity in the eurozone contracted in October

23 Oct 2020 11:37 AM

Renewed restrictions to control the second wave of the pandemic have forced many companies in the eurozone's service industry to close again, impeding the bloc’s economic recovery and threatening to halt it.

IHS Markit’s Eurozone PMI Composite Index fell from 50.4 to 49.4 points in October, with the PMI in for the services sector falling from 48.0 to 46.2 points. Remember, a readout of 50 is the threshold for growth.

Although the employment composite subindex rose slightly, it remains stable in negative territory. This comes as the service business expectations index fell from 59.2 to 54.6, its lowest level since May.

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