November, the economic performance of the Eurozone continued to deteriorate at a slower pace

By: Trademagazin Date: 2023. 11. 23. 11:17

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In November, the economic activity of the Eurozone developed better than expected, according to the purchasing managers’ index (BMI) of the economic research institute S&P Global, but it still reflects a contraction in performance. And employment fell for the first time in almost three years.

Based on preliminary November data, the manufacturing industry BMI rose to 43.8 points, a six-month high, from 43.1 points in the previous month, slightly higher than the expected 43.4 points. New orders fell, leading to the biggest layoff in the sector since August 2020.

The service industry BMI was 48.2 points, better than the expected 48.1 points, after the previous month’s 47.8 points. Orders also fell in the service industry, which was also reflected in the slowdown in the hiring of workers.