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Eurozone Private Sector Contracts Further

Eurozone private sector activity contracted at an accelerated pace in January amid the ongoing pandemic and related restrictions, flash data from IHS Markit showed Friday.

The composite output index declined to 47.5 in January from 49.1 in December. The score was seen at 47.6.

The score signaled third successive contraction and the steepest deterioration since November. Nonetheless, the economic impact of the second wave of infections has so far been less severe than in the first wave.

The rate of factory output growth weakened to the slowest since the recovery began and the service sector saw output fall at the second-fastest rate since May.

At 45.0, the services Purchasing Managers' Index dropped from 46.4 in December but the reading was above consensus forecast of 44.5.

The factory PMI fell to 54.7 from 55.2 in the previous month. The expected level was 54.5.

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