- The eurozone manufacturing PMI rises to 58.6 in November from the 57.3 expected.
- The Services PMI increases to 56.6 in November from the expected 53.5.
Eurozone manufacturing activity improved more than expected in November, the latest IHS / Markit manufacturing activity survey showed on Tuesday.
The euro area’s manufacturing purchasing managers index (PMI) reached 58.6 in November compared to expectations of 57.3 and 58.3 in October. The index reached two-month highs.
The Services PMI rose to a three-month high at 56.6 in November from the expected 53.5 and 54.6 previously.
The composite index rose to 55.8 in November from an estimated 53.2 and a prior 54.2.
Remarks by Chris Williamson, IHS Markit Chief Business Economist
“A stronger expansion in business activity in November defied economists’ expectations of a slowdown, but is unlikely to prevent the eurozone from experiencing slower growth in the fourth quarter, especially as rising virus cases appear which will cause further disturbances to the economy in December. “
“The manufacturing sector remains hampered by supply lags, restricting production growth to one of the lowest rates seen since the early lockdowns of 2020. Meanwhile, the improvement in service sector performance may prove frustratingly short-lived if it is New restrictions against the virus need to be imposed. The travel and leisure sector has already seen growth deteriorate considerably since the summer. “
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