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Financial News: Eurozone Private Sector Remains Close To Stagnation

Eurozone Private Sector Remains Close To Stagnation

11/22/2019 - 04:39:00 (RTTNews)

(RTTNews) - The euro area private sector remained close to stagnant for a third consecutive month in November, flash data from IHS Markit showed Friday.

The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. A score above 50 indicates expansion. The score was forecast to rise to 50.9.

The reading signaled the second slowest growth across manufacturing and services since the current upturn began in July 2013.

The services Purchasing Managers' Index dropped to 51.5 from 52.2 in the previous month. Economists had forecast a score of 52.4.

At the same time, the manufacturing PMI rose to 46.6 from 45.9 a month ago. The score was forecast to rise to 46.4.

"The eurozone economy remained becalmed for a third successive month in November, with the lacklustre PMI indicative of GDP growing at a quarterly rate of just 0.1%, down from 0.2% in the third quarter," Chris Williamson, chief business economist at IHS Markit said.

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