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Nov. 22, 2019, 4:07 a.m. EST

Eurozone flash manufacturing PMI limps up to 3-month high in November

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By Steve Goldstein

The flash reading of the eurozone manufacturing purchasing managers index rose to a 3-month high of 46.6 in November, up from 45.9 in October. The PMI was slightly above the FactSet-compiled economist consensus for a 46.4 consensus, but below the 50 level, indicating purchasing managers were reporting contractionary conditions. The flash services PMI meanwhile fell to a 10-month low of 51.5 in November from 52.2, which was below economist expectations for a 52.4 reading. "Manufacturing remains in its deepest downturn for six years amid ongoing trade woes, and November saw further signs of the weakness spilling over to services, notably via slower employment growth," said Chris Williamson, chief business economist at IHS Markit, in a statement. The flash estimate is typically based on approximately 85% of the final number of replies received each month.

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