Eurozone PMI Manufacturing was finalized at 58.4 in November, slightly up from October’s 58.3. Markit said stocks of purchases rose at strongest rate on record as firmed built safety buffers. Output price inflation hit fresh record while supplier performance deteriorated rapidly once again.

Looking as some member states, Italy PMI manufacturing rose to record high at 62.8. Others, except France at 55.9 (3-month high), dropped, but readings remained high, including the Netherlands at 60.7 (9-month low), Ireland at 59.9 (8-month low), Greece at 58.8 (2-month low), Austria at 58.1 (10-month low), Germany at 57.4 (10-month low), and Spain at 57.1 (8-month low).

Chris Williamson, Chief Business Economist at IHS Markit said:

“A strong headline PMI reading masks just how tough business conditions are for manufacturers at the moment. Although demand remains strong, as witnessed by a further solid improvement in new order inflows, supply chains continue to deteriorate at a worrying rate. Shortages of inputs have restricted production growth so far in the fourth quarter to the weakest seen over the past year and a half…

“… Looking ahead, rising COVID-19 infection rates cast a darkening cloud over the near-term outlook, threatening to further disrupt supply chains while at the same time diverting spending from consumer services to consumer goods again, therefore worsening the imbalance of supply and demand.”

Full release here.

Eurozone’s Q1 GDP contraction was revised up to -3.6% qoq, up from initial estimate of -3.8% qoq. That was still the sharpest decline on record since 1995. For EU, GDP contracted -3.2% qoq, also the worst since 1995.

Household final consumption expenditure had a strong negative contribution to GDP growth in both Eurozone and the EU (-2.5% and -2.3%, respectively) . Contribution from gross fixed capital formation was also negative in both zones (-1.0% and -0.9% respectively) as was the contribution of the external balance. Contribution of changes in inventories was positive for both zones (+0.3% for Eurozone and +0.4% for EU).

Among Member States for which data are available, Ireland (+1.2%), Bulgaria and Romania (both +0.3%) as well as Sweden (+0.1%) still recorded positive growth compared with the previous quarter. GDP fell in all other EU Member states, with the highest declines in France and Italy (both -5.3%) as well as Spain and Slovakia (both -5.2%).

Full release here.

Eurozone CPI was finalized at 5.5% yoy in June, down from May’s 6.1% yoy. Core CPI (excluding energy, food, alcohol & tobacco) was finalized at 5.5% yoy, up from May’s 5.3% yoy.

The highest contribution to annual Eurozone inflation rate came from food, alcohol & tobacco (+2.35%), followed by services (+2.31%), non-energy industrial goods (+1.42%) and energy (-0.57%).

EU CPI was finalized at 6.4% yoy, down from May’s 7.1% yoy. The lowest annual rates were registered in Luxembourg (1.0%), Belgium and Spain (both 1.6%). The highest annual rates were recorded in Hungary (19.9%), Slovakia (11.3%) and Czechia (11.2%). Compared with May, annual inflation fell in twenty-five Member States, remained stable in one and rose in one.

Full Eurozone CPI final release here.