- Prior 55.0
- Manufacturing PMI 45.5 vs 48.0 expected
- Prior 47.3
- Composite PMI 54.4 vs 53.7 expected
- Prior 53.7
The contrast between the manufacturing and services prints was already highlighted by the French and German reports earlier. Looking at things as a whole though, this continues to point to the euro area economy holding up fairly better than anticipated in recent months. As such, that should allow the ECB to push forward with tighter policy if need be even if money supply growth is slowing. HCOB notes that:
