Overview

• Japan’s final Services PMI rose to 53.3 in September, the 11th straight month of growth, driven by domestic orders as export business fell for a third month.
• Japan’s composite PMI slowed to 51.3 with firms citing high labor, raw material and fuel costs, passing more of those on through higher output charges.
• The euro zone Services PMI edged up to 51.3 and the composite to 51.2, with firms trimming headcount and export orders declining for a 28th consecutive month as price pressures eased.
• Germany’s services index returned to 51.5 and lifted the composite to a 16-month high of 52.0, yet new work shrank and service-sector employment fell for a second month.
• In contrast, Russia’s Services PMI slid to 47.0, the sharpest downturn since December 2022, as the composite dropped to 46.6 despite a pickup in hiring and faster input-cost growth.