{"id":184655,"date":"2023-12-12T11:59:07","date_gmt":"2023-12-12T11:59:07","guid":{"rendered":"https:\/\/precoinnews.com\/?p=184655"},"modified":"2023-12-12T11:59:07","modified_gmt":"2023-12-12T11:59:07","slug":"eurozone-private-sector-slowdown-continues","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/eurozone-private-sector-slowdown-continues\/","title":{"rendered":"Eurozone Private Sector Slowdown Continues"},"content":{"rendered":"

The euro area private sector downturn continued in November with the sustained decline in new business<\/span> signaling a shallow recession in the region towards the end of the year. <\/p>\n

The HCOB composite output index registered 47.6, up from a 35-month low of 46.5 in October, the purchasing managers’ survey results from S&P Global revealed on Tuesday. <\/p>\n

Moreover, the score was also above the flash level of 47.1 and hit the highest since July. <\/p>\n

The services Purchasing Managers’ Index advanced to 48.7 from 47.8 in the previous month. The flash reading was 48.2. <\/p>\n

Factoring in the latest PMI indicators, GDP nowcast suggests that a fall in GDP is on the cards for the fourth quarter and the economy<\/span> is on the brink of recession, Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said.<\/p>\n

Demand for goods and services remained a major drag on business activity. Orders from non-domestic clients faltered after orders received from external sources declined sharply. <\/p>\n

Falling receipts of new work prompted companies to make additional inroads into their backlogs. Outstanding orders across the private sector declined strongly. <\/p>\n

Further, employment decreased for the first time in nearly three years. The drop exclusively reflected job losses at manufacturers as services companies registered a slower expansion in staffing capacity.<\/p>\n

There was a slight intensification of price pressures. <\/p>\n

Input prices grew sharply and at the joint-fastest pace since May. While manufacturers’ expenses continued to fall, input cost in the service sector declined. <\/p>\n

Consequently, output charge inflation ticked up in November. <\/p>\n

Growth expectations edged up slightly in November and the positive sentiment was subdued by historical standards.<\/p>\n

“The ECB confronts a pivotal decision: continue with interest rate hikes or place faith in the ongoing transmission of these hikes to prices,” HCOB’s chief economist Rubia said.<\/p>\n

“As of now, indications suggest a strong bias towards the latter choice,” <\/p>\n

All big four economies of the currency bloc reported contractions in November.<\/p>\n

France was the worst performer. Germany and Italy reported a slowdown in their downturns, while Spain’s private sector shrank for the first time since August. <\/p>\n

Germany’s final composite output index advanced to 47.8 in November from 45.9 in October. The score suggested the slowest pace of contraction in four months. <\/p>\n

The German services PMI posted 49.6, up from 48.2 in October and the initial score of 48.7. <\/p>\n

France’s private sector shrank again in November. The composite output index held steady at 44.6 compared to the flash estimate of 44.5. <\/p>\n

The services PMI rose slightly to 45.4 from 45.2 a month ago and remained slightly below the initial estimate of 45.3. <\/p>\n

With sustained contractions in both manufacturing and services output, Italy’s private sector registered a sixth straight month of contraction. <\/p>\n

But the composite indicator improved to 48.1 from 47.0 in October. The services PMI picked up to 49.5 in November from October’s year-low of 47.7.<\/p>\n

Spain’s private sector shrank for the first time in three months in November. <\/p>\n

The composite index dropped to 49.8 in November from 50.0 a month ago. The services PMI registered 51.0, little changed from 51.1 in the prior month. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The euro area private sector downturn continued<\/p>\n","protected":false},"author":3,"featured_media":184654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nEurozone Private Sector Slowdown Continues - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/eurozone-private-sector-slowdown-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eurozone Private Sector Slowdown Continues - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The euro area private sector downturn continued\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/eurozone-private-sector-slowdown-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-12T11:59:07+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/12\/Eurozone-Private-Sector-Slowdown-Continues-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/eurozone-private-sector-slowdown-continues\/\",\"url\":\"https:\/\/precoinnews.com\/business\/eurozone-private-sector-slowdown-continues\/\",\"name\":\"Eurozone Private Sector Slowdown Continues - 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