In November, manufacturing PMI dropped to 36.2 (from 41.1), according to the flash estimate. The consensus was seeking for a more modest decline (40.5). Looking at the details, output (33.1 from 39.8), new orders (29.7 from 36.2), new export orders (32.4 from 38.5) and quantity of purchases (30.8 from 36.6) deteriorated sharply and also output prices (47.2 from 51.6) plunged. The outlook for the labour market worsened with employment falling from 44.4 to 41.3. In the services sector, business sentiment deteriorated too with the headline figure showing a drop from 45.8 to 43.3, while an outcome of 45.0 was expected. Both outstanding business (43.3 from 44.2) and business expectations (42.0 from 42.3) showed modest declines, while new business (41.1 from 43.2) demonstrated a steeper plunge. Both manufacturing and services PMI fell to a new record low which indicates that the downturn is more severe than previous figures indicated.