Manufacturing activity in the Eurozone was contracted

Manufacturing activity in the Eurozone

Manufacturing activity in the 17-nation Eurozone was contracted for 16th consecutive month in November, according to the final value of the index of purchasing managers at Markit, or PMI, for the sector released on Monday. The manufacturing PMI amounted to 46.2, coinciding with the preliminary evaluation and marking sixteenth consecutive month, when the index published reading below the level of 50, which is a signal for contraction of economic activity.

The index rose from 45.4 in October, marking the slowest pace of contraction for eight months but the decline obviously remains heavy, said Chris Williamson, chief economist at Markit. He also added that the continuing steep rate of decline in the industry shows that the recession in the region will be strengthened in the last quarter of the year, expanding in the third consecutive quarter.

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