“Manufacturing activity in the eurozone fell sharply last month, and a further drop in demand is likely to have dashed any hopes of a quick recovery after the sector showed some signs of stabilization in October.”, — write: epravda.com.ua
Manufacturing activity in the eurozone fell sharply last month, and a further drop in demand is likely to have dashed any hopes of a quick recovery after the sector showed some signs of stabilization in October. This is reported by Reuters. The final Eurozone manufacturing purchasing managers’ index (PMI) from S&P Global fell to 45.2 in November, in line with the previous estimate and below the 50 mark that separates growth from recession. It was 46.0 in October and has been below 50 since mid-2022.Advertisement: An index that measures output, which is part of the PMI composite index of business activity released on Wednesday and is considered a good indicator of economic health. fell to 45.1 from 45.8 in October. “These numbers look dire. It looks like the recession in the eurozone manufacturing sector will never end. With new orders falling quickly and at an accelerated pace, there are no signs of a recovery in the near future,” said Cyrus de la Rubia, chief economist at Hamburg’s commercial bank. Amid falling overall demand, even as manufacturers cut prices, factories are cutting staff at the fastest pace since the COVID-19 pandemic took hold of the world. The employment index fell to 45.2 from 46.2, the lowest reading since August 2020.Advertisement: Recall: Business activity in the eurozone unexpectedly fell in November, showing the damage caused by political chaos and deepening differences over trade. The eurozone risks another debt crisis if the bloc fails to boost growth, reduce public debt and address political uncertainty, the European Central Bank has warned. Eurozone unemployment fell 0.1% in April as a strong labor market pushed unemployment down to the lowest level since the currency bloc was created in 1999.
