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(Seoul=Yonhap Infomax) Won Jung Yoon = The eurozone economy, comprising the 20 countries using the euro, continued its expansion in November.
According to S&P Global and Hamburg Commercial Bank (HCOB) on the 21st, the preliminary composite Purchasing Managers’ Index (PMI) for the eurozone in November stood at 52.4.
While the figure remained above the 50 threshold that separates expansion from contraction, it was slightly below both the previous month’s reading and market expectations (both at 52.5).
The preliminary services PMI for the eurozone in November was 53.1, marginally higher than October’s 53.0 and marking the highest level in 18 months.
The preliminary manufacturing PMI for the eurozone came in at 49.7, down from 50.0 in the previous month and the lowest in five months.
Earlier, Germany’s November composite PMI was reported at 52.1, a decline from October’s 53.9.
Germany’s manufacturing PMI for November fell to 48.4, not only below the previous month’s 49.6 but also the lowest in six months. The services PMI was 52.7.
In France, the November manufacturing PMI dropped to 47.8, a nine-month low. Conversely, the services PMI rose to 50.8, the highest in 15 months. The composite PMI reached 49.9, also a 15-month high.
Cyrus de la Rubia, chief economist at HCOB, commented, “Overall, the eurozone remains relatively robust. While the manufacturing sector is sluggish, the broader economy, including services, suggests the eurozone will grow faster in the fourth quarter than in the third.”
He added, “Cost inflation in the services sector appears persistent, but at the same time, selling price inflation has eased. This will somewhat limit the concerns of monetary policymakers who are closely monitoring inflation among service providers.”
He also projected that the European Central Bank (ECB) will keep rates unchanged in December.
jwyoon2@yna.co.kr
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