Zone euro Pmi Composite

The S&P Global Eurozone Composite PMI stood at 50.3 in January 2023, slightly up from a preliminary estimate of 50.2 and compared with December's 49.3. The latest reading pointed to the first month of expansion in the bloc's private sector since June 2022, helped by a rebound in services activity and the weakest pace of contraction in manufacturing since last August. Total new orders fell for the seventh successive month, but the rate of decline was the softest over this period, while the rate of job creation ticked slightly higher to a three-month high. At the same time, backlogs of work decreased, particularly in the manufacturing sector. On the price front, input cost inflation continued its downward trend, easing to a 21-month low, although output prices increased at a slightly faster clip in January. Finally, business confidence improved to a nine-month high.