Prior 51.4Composite PMI 50.0 vs 49.7 prelimPrior 49.6The euro area economy kicks start Q4 in stagnation mode with heavyweights Germany and France dragging down the overall performance. A further weakening in demand conditions is to blame but just be wary that employment conditions are also seen worsening. The latter is seeing its weakest showing since December 2020 and that will be one spot the ECB has to now watch more closely. HCOB notes that:"Growth and stability are not the first words you would associate with the current economic situation in the euro area. But that is exactly what the services sector has been providing, with stable growth since early this year. The modest expansion of
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