The S&P Global Eurozone Composite PMI climbed to 53.1 in September 2026, up from 52.0 in August and surpassing market expectations of 51.7, according to a preliminary estimate. This marked a third consecutive month of expanding business activity, with growth accelerating to its fastest pace in nearly three and a half years.
Expansion strengthened in both manufacturing and services, which rose to their highest levels in 55 and 10 months, respectively. Germany recorded its third straight month of growth, reaching its fastest expansion in just under a year, while France returned to growth for the first time in 10 months.
New orders increased at their quickest rate since May 2022, leading to the first rise in backlogs of work since June 2022. Employment also continued to grow, although the rate of job creation remained modest.
At the same time, inflationary pressures intensified, as both input costs and output prices rose at their fastest pace in four months. Business confidence weakened further and remained relatively subdued.
