{"id":8149,"date":"2018-09-28T16:26:06","date_gmt":"2018-09-28T15:26:06","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=8149"},"modified":"2019-04-19T09:08:32","modified_gmt":"2019-04-19T08:08:32","slug":"eurozone-pmi-indices-relatively-stable-over-summer","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-pmi-indices-relatively-stable-over-summer\/","title":{"rendered":"Eurozone: PMI indices relatively stable over summer"},"content":{"rendered":"<p><strong>CHART OF THE WEEK<\/strong><\/p>\n<p>September\u2019s Flash Eurozone Composite PMI slipped slightly from 54.5 to 54.2, taking it 0.1 point below its July level. This relative stability hides significant sectoral disparities with manufacturing continuing to fall and, at 53.3, now at its lowest level since September 2016. Meanwhile, the service sector has risen for the second straight month to reach 54.7. At current readings, these indicators are higher than the levels that prevailed from end-2013 to end-2016 and in line with growth of around 2.0%.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-8146\" src=\"https:\/\/lazardfreresgestion-tribune.com\/wp-content\/uploads\/\/2018\/09\/Chart-of-the-week-1.png\" alt=\"\" width=\"1563\" height=\"714\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2018\/09\/Chart-of-the-week-1.png 1563w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2018\/09\/Chart-of-the-week-1-300x137.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2018\/09\/Chart-of-the-week-1-768x351.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2018\/09\/Chart-of-the-week-1-1024x468.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2018\/09\/Chart-of-the-week-1-600x274.png 600w\" sizes=\"auto, (max-width: 1563px) 100vw, 1563px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><b>OUR ANALYSIS<\/b><\/p>\n<p>At 1.5% on average over the first half of 2018, growth fell short of expectations and was lower than the level implied by previous PMI index readings. The stability of the composite PMI above the 54 level raised hopes of a rebound to 2%. However, somewhat disappointing industrial output data and softer retail sales are casting doubt over the Q3 figure. August\u2019s releases will be closely scrutinised for confirmation, or not, of a rebound.<\/p>\n<p>&nbsp;<\/p>\n<p><em>The opinion expressed above is dated 28 September\u00a02018 and is liable to change.<\/em><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CHART OF THE WEEK September\u2019s Flash Eurozone Composite PMI slipped slightly from 54.5 to 54.2, taking it 0.1 point below&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":8169,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[],"class_list":["post-8149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eurozone: PMI indices relatively stable over summer &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"September\u2019s Flash Eurozone Composite PMI slipped slightly from 54.5 to 54.2, taking it 0.1 point below its July level.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-pmi-indices-relatively-stable-over-summer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eurozone: PMI indices relatively stable over summer &#8211; 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