Eurozone Manufacturing Growth Slowed to 2-Year Low in November
Business activity in the Eurozone manufacturing sector slowed for a third month in November, showing its weakest rate in over two years. Meanwhile, new orders contracted for a second month.
IHS Markit's final manufacturing Purchasing Managers' Index (PMI) fell to 51.8 in November from October's 52.0, although above a flash reading of 51.5. That was the lowest level since August 2016. Meanwhile, an index measuring output, which feeds into a composite PMI that is seen as a good guide to economic health, dropped to 50.7 from 51.3 (the lowest since mid-2013). The preliminary estimate was 50.4.
Among the countries, Italy PMI manufacturing stayed in contraction and declined to 48.6, a 47-month low. France PMI manufacturing dropped to 50.8, a 26-month low. Germany PMI manufacturing fell to 51.8, a 31-month low.