Eurozone private sector growth expands in November, signaling the resilience in the service sector as severe supply chain constraints hampered manufacturing activity.
- The final composite output index increased to 55.4 in November from 54.2 in October.
- The faster growth ended a three-month series of slowing growth in November. But the index was above the 50.0 mark, indicating expansion in the private sector.
- The overall improvement signals the strong performance of services activity and marks the second-software expansion in manufacturing production.
- The services Purchasing Managers’ Index stood at 55.9, down from 54.6 in October.
- Chris Williamson, a chief business economist at IHS Markit, stated that an improvement in the pace of economic growth indicated by the Eurozone PMI looks temporary.
Business sentiment deteriorated to a ten-month low in November, signaling a decline in confidence at service providers.