Eurozone output ‘near-stalled’ in November: survey

BRUSSELS: The Eurozone’s economy is seen to have “near-stalled” in November after successive months of manufacturing decline, according to a closely watched survey by the firm IHS Markit.

“Expectations about future output remained well below levels seen earlier in the year, reflecting heightened geopolitical uncertainty, including Brexit, trade wars and auto tariffs, plus general concerns about slowing demand,” it said.

IHS Markit said its composite Eurozone PMI, a key business indicator, fell to 50.3 points in November, down from a revised 50.6 points last month.

A reading above 50 points to an expansion. The index’s decline showed business sentiment remained just over the threshold into positive territory.

Manufacturing orders have slipped for three straight months, and employment growth had fallen to its lowest point in nearly five years, the firm said in a statement.

The latest indicator was “the second-smallest expansion of output across manufacturing and services since the current upturn began in July 2013,” it said.