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European countries PMIs

12-06-2011 10:58 BJT

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Ahead of a crucial week in Europe, the region's latest PMI figures are raising concerns that the escalating debt crisis could be far worse than economists had expected. The eurozone November composite PMI failed to rise above the 50 threshold, containing the contraction that began months ago. In individual European nations, the picture was also grim.

The Eurozone Composite PMI, which measures changes in business activity across the eurozone rose slightly to 47 from 46.5 in October, indicating the private sector economy contracted for the third month in a row in November. Meanwhile, the labor market in the eurozone continued to stagnate in November.

Germany - Europe’s biggest economy, saw its service sector PMI fall to 50.3 in November from 50.6 in October. Services firms make up some two-thirds of Germany’s economy and are expected to become more important as a global slowdown weighs on trade.

In Britain, the dominant services sector picked up slightly, with PMI coming at 52.1 last month, defying forecasts it would stagnate. The pick-up in activity in services was driven by a continued inflow of new business. However, the nation’s manufacturing PMI, though, showed the biggest fall in factory output since June 2009.

Italy, at the center of Europe’s debt crisis, saw its service sector activity contract for the sixth straight month in November. The nation’s services PMI edged up to 45.8, but new orders and employment declined.

Spain’s, another euro nation in trouble, saw its PMI fall to 36.8 - the lowest since March 2009. The nation also has the highest unemployment rate in the EU at 21.5 percent.

 

Editor:Zhang Rui |Source: CNTV.CN

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