10 Mins Ago
Euro zone manufacturing activity declines in December
The downturn in euro zone factory activity continued in December, according to S&P Global and Hamburg Commercial Bank’s purchasing managers’ index, as figures suggested a recession in the third quarter of 2023.
The manufacturing PMI reading for the bloc came in at 44.4, the best for seven months, but still well below the 50 mark separating expansion from contraction.
Output and job losses remained bleak, though new orders, purchasing activity and business confidence showed some signs of light on the horizon.
“Amid a relentless slump in the manufacturing sector of the Eurozone, the HCOB PMI has shown little improvement compared to November,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
“This indicates a sustained decline in both activity and demand for manufactured goods. The sluggishness of new orders…
