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EMU: PMI Composite Final
| Consensus | Consensus Range | Actual | Previous | |
| Composite Index | 53.1 | 53.1 to 53.1 | 53.1 | 52.0 |
| Services Index | 53.0 | 53.0 to 53.0 | 53.0 | 51.6 |
Highlights
The eurozone ended the third quarter of 2026 with a stronger economic pulse, although mounting price pressures complicate the recovery. September’s composite PMI rose from 52.0 to 53.1, its highest reading in 41 months, while the services PMI increased from 51.6 to 53.0. Faster expansion across manufacturing and services, alongside growth in all five surveyed economies, suggests a geographically broader recovery.
Demand provided the principal support. Composite new orders grew at their fastest pace in 41 months, supported by stronger export sales. Services growth, however, relied mainly on domestic customers, indicating that external demand remained uneven across sectors.
Rising workloads exposed capacity constraints as composite backlogs increased for the first time since June 2022, while hiring remained marginal. This imbalance could restrict output growth if firms cannot expand capacity. Inflation presents a further challenge. Composite cost and selling-price inflation accelerated, while services charges rose at their fastest pace since February 2024.
These pressures could erode purchasing power and complicate monetary policy decisions. Subdued expectations suggest that stronger current activity has yet to translate into convincing confidence in sustained growth. These latest updates take the RPI to 15 and the RPI-P to 19, meaning that economic activities continue to outpace market expectations in the euro area.
Market Consensus Before Announcement
Forecasters see no revision in the final from the flash with the composite unchanged at 53.1. That is up from 52.0 in the August final.
Definition
The Composite Purchasing Managers' Index (PMI) provides an estimate of private sector output for the preceding month by combining information obtained from surveys of the manufacturing and service sectors of the economy. Results are synthesised into a single index which can range between zero and 100. A reading above (below) 50 signals rising (falling) output versus the previous month and the closer to 100 (zero) the faster is output growing (contracting). The report also contains the final estimate of the services PMI. The data are provided by S&P Global using a representative sample of around 5,000 manufacturing and services companies, the former including Germany, France, Italy, Spain, the Netherlands, Austria, the Republic of Ireland and Greece and the latter Germany, France, Italy, Spain and the Republic of Ireland.
Description
Investors need to keep their fingers on the pulse of the economy because it dictates how various types of investments will perform. By tracking economic data such as the purchasing managers' manufacturing indexes, investors will know what the economic backdrop is for the various markets. The stock market likes to see healthy economic growth because that translates to higher corporate profits. The bond market prefers less rapid growth and is extremely sensitive to whether the economy is growing too quickly and causing potential inflationary pressures.