Eurozone PMI hits 11-month high in November: Markit

According to the final composite purchasing managers’ index (PMI) released by Markit Economics, economic expansion in the eurozone climbed to an 11-month high in November. The region’s final PMI Composite Output Index rose to a reading of 53.9 in November. This number missed the flash estimate of 54.1%, but it was still the highest reading since December 2015. Any reading above 50 indicates expansion.

Across the region, the biggest contribution to the economic expansion in November was that of Germany’s, with a rate very similar to the 55.1% recorded in October. However, the growth pace of the economy in France was the slowest in November since July, mainly due to the slowdown in its manufacturing sector. Meanwhile, Italy’s economic growth was the highest of nine months after the contractions seen in September and October.

Eurozone services output was also the fastest of 11 months in November on the back of the increase in new orders since January. The final Markit Eurozone PMI® Services Business Activity Index was 53.8. This missed the earlier flash estimate of 54.1 but still above 50.0 for the fourth month in a row.