Eurozone November Composite PMI at 45.1... Below Expectations

[Asia Economy Reporter Kim Hyemin] The composite Purchasing Managers' Index (PMI) for November in the 19 Eurozone countries using the euro within the European Union (EU) fell short of expectations.

According to Bloomberg on the 23rd (local time), the Eurozone composite PMI for November was recorded at 45.1. This was below the expected 45.6 and also lower than the previous month's 50.

The PMI is compiled monthly through surveys of purchasing managers in companies regarding new orders, production, inventory, employment, and more. It is an indicator that reflects business trends in sectors such as manufacturing and services. A PMI of 50 or below indicates contraction in business activity, while above 50 indicates expansion.

Specifically, the manufacturing PMI exceeded expectations, whereas the services PMI fell short of expectations.

The manufacturing PMI was 53.6, lower than the previous month's 54.8 but above the expected 53.3. In contrast, the services PMI was 41.3, lower than both the previous month (46.9) and the expected figure (42).

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