Eurozone Economic Growth Accelerates in November

Source: IHS Markit

Economic growth in the Eurozone posted a solid expansion in November, following three months of slowdowns. EZU is up 0.02% premarket.

• The IHS Markit Eurozone PMI Composite Output Index stood at 55.4 in November, up from 54.2 in the previous month.
• Growth was driven mainly by the services sector, which offset the slowdown in manufacturing production, which was the second softest since recovering in July 2020.
• The biggest jumps were recorded in Ireland, which saw a seven-month high of 59.3, Spain with a three-month high of 58.3, Italy with a three-month high of 57.6.
• Growth was also recorded in France with a four-month high of 56.1, and Germany with a two-month high of 52.2.
• IHS Chief Business Economist Chris Williamson believes the expansion is likely to be short-lived, citing lower demand and business confidence.
• William said growth risks have shifted to the downside, while risks to inflation are seemingly tilted to the upside.