Eurozone Manufacturing PMI Falls to 45.2 in November

The manufacturing sector in the Eurozone continued to struggle in November, with the Purchasing Managers' Index (PMI) dropping to 45.2 from 46 in October, according to a joint report by S&P Global and Hamburg Commercial Bank (HCOB). This decline indicates a deepening contraction in the sector, with the euro area's three largest economies—Germany, France, and Italy—leading the downturn. Meanwhile, Spain and Greece saw slight improvements in their manufacturing activities.

Employment in the manufacturing sector fell at the fastest rate since August 2020, as new business declined sharply and backlogs were increasingly depleted. Despite the grim outlook, operating costs fell slightly, and businesses remained optimistic about potential improvements over the next 12 months.

HCOB Chief Economist Cyrus de la Rubia commented on the situation, stating, "These numbers look terrible. It's like the Eurozone’s manufacturing recession is never going to end. As new orders fell fast and at an accelerated pace, there’s no sign of a recovery anytime soon."