The index S&P Global Eurozone manufacturing PMI has risen to 47.3 points in the November preliminary reading from 46.4 in October, improving the 46 estimated by the market.
The Services PMI has held at 48.6 for the second consecutive month, exceeding the 48 forecast by consensus, although it remains at its lowest level since February 2021.
Commenting on the preliminary PMI data, chris williamson, chief business economist at S&P Global Market Intelligence, notes: “A further drop in business activity in November raises the chances that the eurozone economy will slip into recession. So far, the fourth quarter data is consistent with GDP contracting at a quarterly rate of just over 0.2%.”
“However, the November PMI data also brings some interim good news. In particular, the overall rate of decline has moderated compared to October. Most encouragingly, supply constraints are showing signs of easing, with supplier performance even improving in Germany’s manufacturing heartland. The warm weather has also allayed some of the fears about power shortages in the winter months.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
