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Latest data released by Markit – 23 November 2021
- Prior 54.6
- Manufacturing PMI 58.6 vs 57.3 expected
- Prior 58.3
- Composite PMI 55.8 vs 53.2 expected
- Prior 54.2
The French and German readings earlier served as a prelude to the beats in the overall Eurozone report here, reaffirming a modest improvement in business activity in both the services and manufacturing sector this month.
“A stronger expansion of business activity in
November defied economists’ expectations of a
slowdown, but is unlikely to prevent the eurozone
from suffering slower growth in the fourth quarter,
especially as rising virus cases look set to cause
renewed disruptions to the economy in December.“The manufacturing sector remains hamstrung by
supply delays, restricting production growth to one
of the lowest rates seen since the first lockdowns of
2020. The service sector’s improved performance
may meanwhile prove frustratingly short-lived if new
virus fighting restrictions need to be imposed. The
travel and recreation sector has already seen
growth deteriorate sharply since the summer.“With supply delays remaining close to record highs
and energy prices spiking higher, upward pressure on prices has meanwhile intensified far above
anything previously witnessed by the surveys.“Not surprisingly, given the mix of supply delays,
soaring costs and renewed COVID-19 worries,
business optimism has sunk to the lowest since
January, adding to near-term downside risks for the
eurozone economy.”