Eurozone Private Sector Shrinks In November Amid Covid-19 Lockdowns

News, market analysis, investment scam prevention tips and more ✔️ Your source for latest asset management news and information. This magazine is crafted specifically for those who are interested in diving into the global asset management world. (RTTNews) - The euro area private sector contracted sharply in November as member countries reintroduced more restrictions to counter the spread of Covid-19 infection, flash survey data from IHS Markit showed Monday. The composite output index plunged to a six-month low of 45.1 from the neutral 50.0 in October. The score was forecast to fall to 45.8. The further downturn of the economy signaled for the fourth quarter represents a major set-back to the region's health and extends the recovery period, Chris Williamson, chief business economist at IHS Markit said. After a 7.4 percent contraction of GDP in 2020, IHS Markit expects only a 3.7 percent expansion in 2021. The drop in the composite index to well below 50 adds to the evidence that the euro-zone economy will post another sizeable contraction in the fourth quarter, Jack Allen-Reynolds, an economist at Capital Economics, said. But with vaccines looking increasingly likely to be rolled out in the first half of next year, the surveys show greater optimism about 2021. The deteriorating performance was broad-based, albeit with the service sector hardest hit from virus containment measures. The services Purchasing Managers' Index slid to 41.3 from 46.9 in the previous month. The reading To keep reading about Eurozone Private Sector Shrinks In November Amid Covid-19 Lockdowns, Click on the link. Seoul, Korea
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