Eurozone business activity declines in Oct.

Business activity in the eurozone declined for the second consecutive month in October, with the HCOB Flash Eurozone Composite PMI Output Index posting 49.7, slightly down from September’s 49.6.

New orders fell for the fifth consecutive month, leading to the largest drop in employment in nearly four years and pushing business confidence to an 11-month low.

While manufacturing production remained in contraction, the service sector saw modest growth, though at its slowest pace since February.

Input costs increased at the slowest rate since November 2020, while output charge inflation hit a 44-month low.

Germany and France continued to show significant weaknesses, while the rest of the eurozone saw output increase at its fastest pace in four months.