Euro Area private sector shrinks less than initially estimated

Private sector activity in the Euro Area registered another notable contraction in November, but still, the pace was slower than initially estimated.

Euro Area’s Composite Purchasing Managers’ Index (PMI) was reported at a final 47.6 in November, up from a preliminary estimate of 47.1 and improving from October’s near three-year low of 46.5.

New business shrank for a sixth straight month in November, though at the slowest pace in four months.

Meanwhile, export sales continued to drop for a 21st month in a row.

Input costs surged sharply in November, while output prices increased modestly.

Employment levels decreased for the first time in almost 3 years.

The bloc’s services sector activity contracted for a fourth straight month in November. Euro Area’s Services PMI came in at a final 48.7 in November, up from a preliminary reading of 48.2 and also above October’s level of 47.8.

New business continued to decrease, though at the slowest rate in three months.

Inflation was still persistent across the Euro Area’s services sector, as rates of increase in both input costs and output prices edged higher.

Business confidence resumed the downtrend observed throughout most of this year, S&P Global reported.

The Euro was last inching down 0.02% on the day against the US Dollar, with the EUR/USD currency pair trading at 1.0834.