The Eurozone manufacturing sector activity extended its downtrend in the month of November, the latest manufacturing activity survey from IHS/Markit research showed.
The Eurozone manufacturing purchasing managers index (PMI) dropped further to 51.5 in November while services PMI edged lower to 53.1 versus 53.7 last.
The IHS Markit Eurozone PMI Composite dropped from 53.1 in October to 52.4 in November, hitting fresh 47-month lows.
Comments from Chris Williamson, Chief Business Economist at IHS Markit:
“The cooling of Eurozone business growth to a four-year low adds to signs that the economy faces a disappointing end of the year.”
“Manufacturing remains the main area of weakness, linked in part to having been hit hard once again by deteriorating exports. The slowdown is also being temporarily exacerbated by persistent disappointing car sales.”
“However, November also brought further signs that the manufacturing-led slowdown is spilling over to services, as consumer and corporate demand was often reported to have weakened in the face of headwinds such as rising political uncertainty, tighter financial conditions and higher prices.”
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