Eurozone economic activity continued to contract in September, though at a slower pace, according to the HCOB Flash Eurozone Purchasing Managers’ Index (PMI) reported by S&P Global.

The PMI rose to 47.1 in September, up from August’s 46.7, though still below the 50-point threshold indicating contraction. Economists anticipate a 0.4% contraction in the eurozone economy in the third quarter. While the PMI data revealed a grim picture for services, it also showed firms increasing hiring at a slightly faster rate in September. The eurozone has faced challenges due to Russia’s conflict with Ukraine, soaring energy prices, persistent inflation, and weak economic performance in major economies like France and Germany.

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