Market Watch: Eurozone economic activity contracted for fifth straight month in November, PMIs signal

November saw business activity fall across the eurozone for the fifth consecutive month, adding to fears of a recession, the latest flash purchasing managers indexes showed.

The S&P Global eurozone composite PMI rose to 47.8 in November from 47.3 in October, according to the preliminary reading. This is above the forecast of 47.0 of economists polled by The Wall Street Journal.

“The PMI data for the fourth quarter so far put the eurozone economy on course for its steepest quarterly contraction since late-2012, excluding pandemic lockdown months,” S&P Global said in the report.

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