The pace of economic growth in the euro area slowed to a 16-month low in November, according to the Markit Eurozone PMI®. The headline index, which measures business activity in the manufacturing and services economies, fell from 52.1 in October to 51.4, its lowest since July of last year.
Manufacturing output growth picked up slightly to the highest for four months, but the rate of expansion remained only modest. Growth in the service sector meanwhile eased for a fourth successive month to the weakest since last December.
New orders fell very marginally, declining for the first time since July of last year. Orders fell for a third successive month in manufacturing, dropping at the fastest rate since May of last year, while inflows of new business in the services sector slowed to near-stagnation, registering the smallest rise since August of last year.
Overall backlogs of work fell at the fastest rate since June 2013, dropping for a sixth successive month. Levels of work-in-hand were down in both manufacturing and services.
