The Eurozone Purchasing Managers' Index (PMI) Composite Output Index landed at 47.8 in November, the S&P Global revealed in its final report on Monday. Although November's reading was above October's 47.3, it marked the most prolonged downturn in the euro area since the recession between 2011 and 2013 and represented the fifth straight month of output contraction.
The final Eurozone Services Business Activity Index came in at 48.5, down from October's reading of 48.6, marking the fastest decline in the business area since February 2021.
"A fifth consecutive monthly falling output signaled by the PMI adds to the likelihood that the eurozone is sliding into recession," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. "However, at present, the downturn remains only modest, with an easing in the overall rate of contraction in November means so far the region looks set to see GDP contract by a mere 0.2%."
