Fall in Eurozone business activity unexpectedly moderates in November – S&P Global
2022.11.23 04:35
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© Reuters.
By Scott Kanowsky
Investing.com — The rate of decline in business activity in the eurozone unexpectedly moderated in November but remained well within contraction territory, according to a key gauge of conditions for the currency bloc’s manufacturing and services sectors on Wednesday.
rose slightly to 47.8, up from 47.3 in October. Economists had predicted that the figure would decrease marginally to 47.0.
It is the highest level in two months, but the fifth straight month that the reading has come in below the 50 mark that separates growth from contraction.
In a statement, Chris Williamson, chief business economist at S&P Global Market Intelligence, said that the continued slip in business activity in November “adds to the chances” of the Eurozone dipping into a recession. But he said the data also showed some “tentative good news.”
“Most encouragingly, supply constraints are showing signs of easing, with supplier performance even improving in the region’s manufacturing heartland of Germany. Warm weather has also allayed some of the fears over energy shortages in the winter months,” Williamson added.
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