{"id":55809,"date":"2020-11-29T07:42:16","date_gmt":"2020-11-29T12:42:16","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55809"},"modified":"2020-11-29T07:42:16","modified_gmt":"2020-11-29T12:42:16","slug":"the-eurozone-economy-plunges-back-into-a-severe-decline","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55809","title":{"rendered":"The Eurozone Economy Plunges Back Into a Severe Decline"},"content":{"rendered":"<div class=\"sk1eh4ijj\">\n<h3><a href=\"https:\/\/www.thestreet.com\/mishtalk\/economics\/the-eurozone-economy-plunges-back-into-a-severe-decline\">The Eurozone Economy Plunges Back Into a Severe Decline<\/a><\/h3>\n<\/div>\n<div class=\"skuess6m\">\n<div class=\"renderable sk1xc30g1 Center Large show\">\n<figure class=\"image\">\n<div class=\"sk1u1dqnd picture loaded\"><img decoding=\"async\" class=\"\" title=\"\" src=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fimages.saymedia-content.com%2F.image%2FMTc3MDQwMTg2OTgxNDkxODU1%2Fihs-markit-eurozone-pmi-2020-11.png\" srcset=\"https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fimages.saymedia-content.com%2F.image%2FMTc3MDQwMTg2OTgxNDkxODU1%2Fihs-markit-eurozone-pmi-2020-11.png?w=788&amp;q=40&amp;h=523.931696905016&amp;auto=enhanced&amp;fit=crop&amp;crop=focalpoint&amp;fp-x=0.5&amp;fp-y=0.5&amp;fp-z=1&amp;fp-debug=false 1x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fimages.saymedia-content.com%2F.image%2FMTc3MDQwMTg2OTgxNDkxODU1%2Fihs-markit-eurozone-pmi-2020-11.png?w=1182&amp;q=30&amp;h=786&amp;auto=enhanced&amp;fit=crop&amp;crop=focalpoint&amp;fp-x=0.5&amp;fp-y=0.5&amp;fp-z=1&amp;fp-debug=false 1.5x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fimages.saymedia-content.com%2F.image%2FMTc3MDQwMTg2OTgxNDkxODU1%2Fihs-markit-eurozone-pmi-2020-11.png?w=1576&amp;q=20&amp;h=1048&amp;auto=enhanced&amp;fit=crop&amp;crop=focalpoint&amp;fp-x=0.5&amp;fp-y=0.5&amp;fp-z=1&amp;fp-debug=false 2x, https:\/\/imageproxy.themaven.net\/https%3A%2F%2Fimages.saymedia-content.com%2F.image%2FMTc3MDQwMTg2OTgxNDkxODU1%2Fihs-markit-eurozone-pmi-2020-11.png?w=2364&amp;q=10&amp;h=1572&amp;auto=enhanced&amp;fit=crop&amp;crop=focalpoint&amp;fp-x=0.5&amp;fp-y=0.5&amp;fp-z=1&amp;fp-debug=false 3x \" alt=\"\" width=\"788\" height=\"523.931696905016\" \/><\/div><figcaption><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<div class=\"sk1eh4ijj\">\n<div class=\"sk1guxp1n sk1vowq4e sk12plxnx skz2ou6d\">\n<div class=\"sk1u1dqnd sku181pb picture loaded\">Eurozone business activity fell sharply as countries introduced more aggressive measures to counter rising COVID infection rates.<\/div>\n<\/div>\n<section class=\"skkkvgpz\"><strong>Flash PMI Signals Steep Downturn in November<\/strong><\/p>\n<p>IHS Markit reports\u00a0<a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/4ce93a72f14e4d2db608b75212180e9a\" target=\"_blank\" rel=\"noopener noreferrer\">PMI Signals Steep Downturn in November Amid COVID Lockdowns<\/a>.<\/p>\n<p><strong>Key Findings<\/strong><\/p>\n<ul>\n<li>Flash Eurozone PMI Composite Output Index\u00a0at 45.1 (50.0 in October). 6-month low.<\/li>\n<li>Flash Eurozone Services PMI Activity Index at 41.3 (46.9 in October). 6-month low.<\/li>\n<li>Flash Eurozone Manufacturing PMI Output Indexat 55.5 (58.4 in October). 4-month low.<\/li>\n<li>Flash Eurozone Manufacturing PMI\u00a0\u00a0at 53.6 (54.8 in October). 3-month low.<\/li>\n<\/ul>\n<blockquote><p>The flash IHS Markit Eurozone Composite PMI\u00ae slumped from 50.0 in October to 45.1 in November, its lowest since May. With the exceptions of the declines seen in the first two quarters of this year, the average PMI reading of 47.6 in the fourth quarter so far is the lowest since the closing quarter of 2012 (during the region\u2019s debt crisis) and indicative of a steep decline in GDP.<\/p>\n<p>The deteriorating performance was broad-based, albeit with the service sector hardest hit from virus containment measures. While manufacturing output growth merely slowed in November to the lowest since the start of the sector\u2019s recovery back in July, attributable to a marked slowing in order book growth, service sector output fell for a third month running, with the rate of decline accelerating sharply to the fastest since May.<\/p>\n<p>A near-stalling of manufacturing output growth was exacerbated by an increasingly severe drop in services activity, pushing the flash composite PMI down from 47.2 to 42.4<\/p>\n<p>Employment meanwhile fell across the eurozone as\u00a0\u00a0a whole for a ninth consecutive month, with the rate\u00a0of job losses holding steady on the post-pandemic\u00a0low seen in October.<\/p>\n<p>By country, employment rose in Germany for the first time since February, and France saw the lowest number of job losses since the pandemic struck. Job cuts deepened in the rest of the region as a whole, however, to the steepest since June.<\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Eurozone Economy Plunges Back Into a Severe Decline Eurozone business activity fell sharply as countries introduced more aggressive measures to counter rising COVID infection rates. Flash PMI Signals Steep Downturn in November IHS Markit reports\u00a0PMI Signals Steep Downturn in November Amid COVID Lockdowns. Key Findings Flash Eurozone PMI Composite Output Index\u00a0at 45.1 (50.0 in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[285,7550,13390,2783],"class_list":["post-55809","post","type-post","status-publish","format-standard","hentry","category-economics","tag-eurozone","tag-mike-shedlock","tag-mishtalk","tag-pmi"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55809"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55809\/revisions"}],"predecessor-version":[{"id":55810,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55809\/revisions\/55810"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}