{"id":20708,"date":"2024-04-08T09:42:13","date_gmt":"2024-04-08T08:42:13","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=20708"},"modified":"2024-04-08T10:01:06","modified_gmt":"2024-04-08T09:01:06","slug":"eurozone-composite-pmi-returns-to-growth","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-composite-pmi-returns-to-growth\/","title":{"rendered":"Eurozone: composite PMI returns to growth"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>March\u2019s final PMI figures included a composite reading revised upwards from 49.9 to 50.3. In December, the index had sunk to just 47.6. The current level now reflects a slightly expanding eurozone economy.<\/p>\n<p>The services sector largely contributed to the uptick by climbing to 51.5. In contrast, the manufacturing PMI stands much lower at 46.1, largely owing to weakness in Germany. In both sectors, the new orders component is pointing upwards.<\/p>\n<p>In parallel, the European Commission&#8217;s Economic Sentiment Indicator (ESI) for March was stable compared with February.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20709 \" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-05-04-2024-EN-300x150.jpg\" alt=\"\" width=\"1288\" height=\"645\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-05-04-2024-EN-300x150.jpg 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-05-04-2024-EN-1024x513.jpg 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-05-04-2024-EN-768x385.jpg 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/04\/GDS-05-04-2024-EN.jpg 1378w\" sizes=\"auto, (max-width: 1288px) 100vw, 1288px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>The eurozone PMI readings are consistent with marginal, non-annualised growth of 0.2% while the European Commission&#8217;s ESI indicates a weaker growth level that remains very slightly positive.<\/p>\n<p>Of the two indicators, the composite PMI has a better track record of correlating with growth. However, as it tended to overestimate economic shifts in 2023, we should beware of overinterpretation. That being said, this uptick in the PMI can only be good news for the eurozone economy.<\/p>\n<p>***<\/p>\n<p>Written on April 5, 2024. This is not an investment advice. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/cocoa-a-spectacular-price-surge\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/cocoa-a-spectacular-price-surge\/<\/a><\/p>\n<p>***<\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week March\u2019s final PMI figures included a composite reading revised upwards from 49.9 to 50.3. In December,&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":20706,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[1927,2011,1879],"class_list":["post-20708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-eurozone","tag-growth","tag-pmi-indices"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eurozone: composite PMI returns to growth<\/title>\n<meta name=\"description\" content=\"March\u2019s final PMI figures included a composite reading revised upwards from 49.9 to 50.3. 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