According to the report from IHS Markit, the Eurozone economy remained close to stagnant for a third successive month in November, losing growth momentum slightly again as new orders fell for a third straight month. The survey showed signs of the steep ongoing manufacturing decline spreading further to services. Employment growth meanwhile slipped to the lowest for almost five years as firms took an increasingly cautious approach to hiring. Price pressures also cooled further, running at the lowest for over three years.

At 50.3 in November, the ‘flash’ Eurozone Composite PMI fell from 50.6 in October to signal the second-smallest expansion of output across manufacturing and services since the current upturn began in July 2013. The past three months have consequently seen a continual nearstagnation of output, contrasting markedly with robust growth seen over the same period one year ago.

Weak output growth reflected a third successive monthly decline in new orders for goods and services, albeit with the rate of decline easing slightly for a second month running to register only a marginal drop in demand. The ongoing decline nevertheless represents the worst spell of demand since mid-2013.