Eurozone PMI Services was finalized at 41.7 in November, down from October’s 46.9. PMI Composite was finalized at 45.3, down from prior month’s 50.0. Looking at some members states, Germany PMI Composite dropped to 51.7, Ireland dropped to 47.7, Italy dropped to 42.7, Spain dropped to 41.7, France dropped to 40.6.
Chris Williamson, Chief Business Economist at IHS Markit said: “The eurozone economy slipped back into a downturn in November as governments stepped up the fight against COVID-19, with business activity hit once again by new restrictions to fight off second waves of virus infections… However, this is a decline of far smaller magnitude than seen in the spring… The fourth quarter will nevertheless likely see the eurozone economy take another major step backwards, with especially steep downturns suffered in France, Spain and Italy.”
