Eurozone Flash Manufacturing PMI Comes in at 54.4

Business activity fell back into decline across the Eurozone in October as accelerating growth of manufacturing output was overwhelmed by a steepening deterioration in the service sector amid rising COVID-19 worries.

In fact, the Eurozone manufacturing purchasing managers index (PMI) jumped to a 26-month high level of 54.4 during the reported month, up from 53.7 in September. The upbeat reading, to some extent, was offset by the disappointing release of the Services PMI, which dropped to a five-month low level of 46.2 in October.