Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed.
S&P Global's final composite Purchasing Managers' Index for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November from October's 23-month low of 47.3, matching a preliminary estimate."A fifth consecutive monthly falling output signalled by the PMI adds to the likelihood that the euro zone is sliding into recession," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
With demand falling again and scant prospect of an imminent turnaround firms scaled back on hiring - the employment index slipped to 51.8 from 52.5. Unemployment in the region dipped to 6.5% in October, official data showed on Thursday. Still, the input and output prices index both fell suggesting inflationary pressures may have already peaked, likely welcome news to policymakers at the European Central Bank. The output prices index was a 3-month low of 62.3.in the bloc was a lower-than-expected 10.0% in November, official preliminary data showed last week, still five times the ECB's 2% target.
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