Struggling Services

In the Eurozone, a key monthly purchasing manager sentiment index for service providers declined from 50.5 to 47.6 in September (below 50 signals contraction), its worst reading since May; for manufacturers the index rose from 51.7 to 53.7, tops in 25 months. Weakening services are in direct response to tighter restrictions due to rising Covid-19 infection rates. Hopefully, our rates remain stable, giving service firms a chance to recover.