Economic Buzz: Eurozone Manufacturing PMI Continues Contraction In November

1 Dec 2022 , 03:38 PM

The downturn in the eurozone goods-producing sector continued in November, although rates of decline in output and new orders were less aggressive when compared to the near two-and-a-half year records seen in October. There was also a further easing of inflationary pressures, in part due to weaker demand and reduced strain on suppliers. Nevertheless, November survey data pointed to a solid reduction in output volumes. The level of incoming new orders also fell sharply once again as client demand in markets across the eurozone and other parts of the globe deteriorated. Input purchasing was subsequently reduced to the quickest extent since May 2020 and firms remained pessimistic in their outlook for the next 12 months. The S&P Global Eurozone Manufacturing PMI moved slightly higher in November to 47.1, from 46.4 in October. However, by posting another sub-50.0 reading – the fifth in as many months – the headline index signaled a further deterioration in the health of the goods-producing sector.Powered by Commodity Insights