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Euro zone business activity shrinks in November, flash data shows
The Straits Times
|November 23, 2024
Business activity in the euro zone contracted for the second time in three months in November, as weak demand saw companies facing challenges securing orders, a closely watched survey showed on Nov 22.
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The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global dropped to 48.1 compared with 50 in October, the most marked rate of contraction in 10 months. Any reading above 50 indicates growth, while a figure below 50 shows contraction.
"Things could hardly have turned out much worse," said chief economist Cyrus de la Rubia at Hamburg Commercial Bank.
"The euro zone's manufacturing sector is sinking deeper into recession, and now the services sector is starting to struggle after two months of marginal growth."
Dit verhaal komt uit de November 23, 2024-editie van The Straits Times.
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