Based on the international media reports, surveys indicate that both manufacturing and services activities in the private sector of the Eurozone significantly decreased in November.
Publish dateMonday 25 November 2024 - 16:34
According to Amac News: Citing Reuters, the S&P Global Composite Output Index fell to 48.1 in November, marking its lowest level since January and down from 50.0 in October.
The source notes that this is the first time since January that both sectors have reported a simultaneous decline in output.
The data revealed a significant drop in new business across European manufacturing and services, with international orders experiencing a severe decline since early 2023.
It is reported that business confidence has fallen to its lowest point since September 2023. European companies continued to reduce employment for the fourth consecutive month in November.
Capacity constraints remain evident in the private sector, with backlogs of work decreasing further.
Input cost inflation has risen to its highest level in three months, and producer price growth has accelerated compared to October.
European economists have expressed concern over these changes, highlighting a weak economic outlook for major Eurozone economies such as France and Germany.
In Germany, the private sector contracted for the second consecutive month, with industrial production remaining weak and services activity declining for the first time in nine months.
France also experienced a significant drop in private sector output, with both manufacturing and services contributing to the contraction.
The source notes that this is the first time since January that both sectors have reported a simultaneous decline in output.
The data revealed a significant drop in new business across European manufacturing and services, with international orders experiencing a severe decline since early 2023.
It is reported that business confidence has fallen to its lowest point since September 2023. European companies continued to reduce employment for the fourth consecutive month in November.
Capacity constraints remain evident in the private sector, with backlogs of work decreasing further.
Input cost inflation has risen to its highest level in three months, and producer price growth has accelerated compared to October.
European economists have expressed concern over these changes, highlighting a weak economic outlook for major Eurozone economies such as France and Germany.
In Germany, the private sector contracted for the second consecutive month, with industrial production remaining weak and services activity declining for the first time in nine months.
France also experienced a significant drop in private sector output, with both manufacturing and services contributing to the contraction.
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Source : news agency wam
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