Eurozone Manufacturing PMI slipped to 45.2 in November, down from October’s 46.0, reflecting deepening contraction in the sector.
The downturn remains widespread, with manufacturing activity deteriorating across major economies. Germany and France recorded PMI readings of 43.0 and 43.1 (a 10-month low), respectively, indicating severe weaknesses. Italy followed closely at 44.5, hitting a 12-month low, while the Netherlands posted a reading of 46.6, an 11-month low. Spain and Greece maintained levels above 50, but both fell to two-month lows at 53.1 and 50.9, respectively.
Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, described the figures as “terrible,” suggesting the manufacturing recession “is never going to end.”
De la Rubia forecasted a -0.7% contraction in manufacturing output for Q4, with the slump likely “going to drag into next year”. The capital goods sector is bearing the brunt of the downturn, while companies continue to trim staff, signaling rising unemployment ahead.
Full Eurozone PMI manufacturing final release here.
