Eurozone composite purchasing managers' index at 55.4 in November

By Gokhan Ergocun

ISTANBUL (AA) - The Eurozone composite purchasing managers' index (PMI) increased to 55.4 in November, up from 54.2 in October, a London-based global data company said on Friday.

"Having slowed sharply since peaking in July, economic growth across the euro area re-accelerated November," a report by IHS Markit said.

"Overall, the rate of expansion was solid and remained above its historical average, primarily reflecting resilience in the service sector as manufacturers were heavily impeded by severe supply-related constraints," it added.

In November, the rapid rise ended, slowing the growth trend during the last three months, the report said.

Chris Williamson, the chief business economist at IHS Markit, said: "An improvement in the rate of economic growth signaled by the eurozone PMI looks likely to be short-lived."

He added that there is not only weaker demand, but also companies expectations' are negative due to new developments in the pandemic, such as the new omicron variant of the coronavirus.

"Prices have meanwhile continued their relentless rise, with rates of inflation in both firms’ costs and average selling prices for goods and services hitting new highs in November," he added.