As was noted previously in both the German and French PMIs released earlier in the day, a number of components in the euro zone PMI hit record lows for the month, including output, which slipped all the way to 33.1 in November, down from October's 39.8 figure, new orders, which found a new bottom at 29.7, down 6.5 points from October's figure, employment, which slipped to 41.3 in November from October's 44.4, and work backlogs, which fell to 32.8 from October's 36.6.

Both price components in the index also registered notable declines in November. Input prices fell to 41.6, its lowest level since December 2001, while output prices slipped to 47.2, its lowest point in over five years.

Markit Economics also reported that the services PMI for the euro zone hit a new floor in November. According to the research firm, the services PMI slipped all the way to 36.2 for the month, its lowest level in the history of the survey.

Disaggregating the figures, Markit Economics noted that the output component fell to a record low of 33.1 in November, down 6.7 points from October's figure, while new orders sank to 29.7, also the lowest level recorded in series history, from 36.2 in October. Employment also managed to hit rock bottom, coming in at 41.3, down 3.1 points from October's 44.4 print, while work backlogs fell to a record low of 32.8, down from 37.2, and quantity of purchases found a new low at 30.8 in November, down 5.8 points from October's 36.6 figure.

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