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(CEP News) Frankfurt - The euro zone purchasing managers index for manufacturing reached a record low of 35.6 in November from October's 41.1 level, Markit Economics reported on Monday. Preliminary estimates, however, had pointed to an even more pronounced decline to 36.2 for the month.
In a report issued on Monday, the economic research firm noted that output had found a new bottom in November, falling all the way to 32.6 from October's 33.1 level. New orders and employment also reached record lows, plunging to 28.8 and 41.0 respectively. New orders had initially fallen to 36.2 in October, while employment had come to 44.4 in the previous month. Backlogs of work also registered a significant decline in November, falling to an all-time low of 31.7, down 5.5 points from October's figure. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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