Economic activity in the Eurozone contracted in September, reaching the lowest level in the past 7 months.

There was a slowdown in economic activity in the Eurozone.

S&P Global and Hamburg Commercial Bank (HCOB) released the Purchasing Managers’ Index (PMI) data for the Eurozone’s composite and service sectors in September. According to the data, the Eurozone economy saw a decrease in total business activity in September for the first time since February. Demand for goods and services in the Eurozone also rapidly declined. The Eurozone’s composite PMI, which was at 51 in August, fell to 49.6 in September. As a result, the Eurozone’s composite PMI saw the lowest level in the past 7 months. Additionally, the service sector PMI in the Eurozone, which was at 52.9 in August, dropped to 51.4 in September, marking the lowest value in the past 7 months. A value above 50 in the PMI data indicates growth, while a value below 50 indicates contraction.