Euro area flash composite PMI falls to 51.9 in October, a four-month low

The S&P Global flash survey for the euro area, published on 23 October 2026, puts the composite output index at 51.9 for October, down from 53.1 in September. That is a four-month low. A reading above 50 still signals growth, but the margin has narrowed.

By sector

• Services: 51.7, from 53.0 in September, a two-month low
• Manufacturing output: 52.4, from 52.9 in September, a three-month low
• Manufacturing PMI: 52.4

The survey also points to a stronger rise in manufacturing input costs, which means factories paid more for their materials in October than in September.

Reading it

Services carry most of the weight in the euro area composite, and the services index fell 1.3 points. Flash surveys are revised in the final release, so the October figures are a first read.

The cost data matter for the ECB's decision on 29 October, which will come after the bank has seen September inflation of 3.8%. For the UK on the same morning, see the UK flash PMI. For more on how survey data are used, see PMIs explained. Live prices: EUR/USD.