12/1/2023, 10:01 AM (Source: TeleTrader)
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Eurozone manufacturing slump slows down in November

The Eurozone Manufacturing Purchasing Managers Index (PMI) stood at 44.2 in November, up 1.1 index points from the previous month and 0.4 index points higher compared to an earlier estimate, S&P Global and Hamburg Commercial Bank said in its final report on Friday. The November figure was the highest in six months.

Among eight euro area countries whose manufacturing indexes are monitored, only Greece recorded positive growth in November, while activity in the Republic of Ireland stagnated. In Spain, the Netherlands, Italy, France, Germany and Austria were all below the 50-point neutral mark.

"Output is still on the decline, and firms have trimmed their staff for a sixth straight month... the improvements are mostly timid, lacking the dynamism needed to declare an upward trend... the recovery, which will kick in eventually next year in our view, might encounter some resistance in gaining momentum," HCOB Chief Economist Cyrus de la Rubia wrote in the report.

Baha Breaking News (BBN) / MS