The composite PMI increased to its highest level in three years, coming in at 53.1 in September, up from 52.0 in August. Despite surging oil prices, low water levels and supply chain disruptions, economic activity remains relatively unharmed This PMI report must be music to Europe’s ears. It is the figure most often cited as evidence of the eurozone's resilience. The eurozone composite PMI came in at 53.1 in September, from 52.0 in August. Despite the latest escalation in the Middle East, surging oil prices, rising interest rates and low water levels, economic activity is thriving. A closer look at the data, however, shows that the more dynamic activity stems mainly from services, which jumped significantly from 51.6 to 53.0.
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