Markit’s Eurozone Manufacturing Purchasing Managers Index (PMI) posted 53.8 points in November, down from October’s 54.8 points and increasing compared to the earlier flash estimate at 53.6 points.
There was some notable divergence in performance across the broad market groups during November. The capital and intermediate goods sectors continued to expand at marked monthly rates. However, consumer goods producers registered a modest deterioration in operating conditions for the first time in six months.
According to Markit, despite slower demand from both domestic and export markets, overall new orders increased. New export business rose at the slowest pace since August, though growth remained strong.
“Euro zone manufacturing output continued to grow at a decent pace in November. Although the rate of expansion cooled from October’s 32-month high amid new lockdown measures, the sustained expansion should help to soften the economic blow of Covid-19 restrictions, which have hit the service sector hard. The survey therefore adds to evidence that the region will avoid in the final quarter of the year a similar scale of downturn recorded in the second quarter,” Chris Williamson, chief business economist at IHS Markit, commented.