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Nov Manufacturing PMIs Edge Cautiously

EUROZONE DATA
MNI (London)
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Eurozone first (Spain and Italy) and final (France, Germany & EZ) prints for November PMIs were weaker than initial flash estimates, yet remain an improvement on October's two-and-a-half-year lows.

  • All major eurozone economies again recorded values under 50, signalling three to five consecutive months of manufacturing contractions.
  • Sharp falls in new orders spilled over into weak production levels as clients remain hesitant due to prevailing economic uncertainty.
  • The fall in new orders has been exasperated by firms still holding high inventory levels (a lasting response to global supply chain issues since the pandemic onset).
  • Yet the slowing in demand is having one positive effect: weak output inflation. This adds to cautious optimism that eurozone inflation is beyond the peak.

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Eurozone first (Spain and Italy) and final (France, Germany & EZ) prints for November PMIs were weaker than initial flash estimates, yet remain an improvement on October's two-and-a-half-year lows.

  • All major eurozone economies again recorded values under 50, signalling three to five consecutive months of manufacturing contractions.
  • Sharp falls in new orders spilled over into weak production levels as clients remain hesitant due to prevailing economic uncertainty.
  • The fall in new orders has been exasperated by firms still holding high inventory levels (a lasting response to global supply chain issues since the pandemic onset).
  • Yet the slowing in demand is having one positive effect: weak output inflation. This adds to cautious optimism that eurozone inflation is beyond the peak.

Keep reading...Show less