Eurozone Private Sector Contracts Less Than Estimated

The euro area private sector contracted less than estimated in November, according to a survey released by Markit Economics.

The composite output index, which measures the combined output of the manufacturing and service sectors, rose to 46.5 in November from 45.7 in October, final data showed Wednesday. The flash reading was 45.8.

Nonetheless, a reading below 50 indicates contraction in the private sector. Downturns continued in both the manufacturing and service sectors in November.

At the same time, services Purchasing Managers' Index came in at 46.7 compared to a flash reading of 45.7. The index climbed from 46 in October.

"The eurozone's recession looks to have deepened in the final quarter, with GDP likely to have fallen by considerably more than the modest 0.1 percent decline seen in the third quarter," said Chief Economist at Markit Chris Williamson.

by RTT Staff Writer

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