S&P Global: Eurozone private sector contracts in Nov. ’24

The eurozone economy contracted in November, marking a sharp downturn after a brief stabilisation in October, according to the HCOB PMI survey.

The HCOB Eurozone Composite PMI fell to 48.3, indicating a decline in private sector activity, the fastest for ten months. The service sector posted its first output drop since January, while factory production shrank for the 20th consecutive month.

Weak demand continued, with new private sector orders declining for the sixth month in a row, the steepest drop in 2024. The eurozone’s major economies—Germany, France, and Italy—all saw reduced activity.

Employment fell overall, driven by manufacturing, although service sector hiring slightly increased. Business confidence dropped to a 12-month low, while input cost and output price inflation edged up to three-month highs.

Attribution: S&P Global

Subediting: M. S. Salama