Eurozone downturn may have hit 'nadir': Markit

(BRUSSELS) - Private sector business activity across the eurozone may have hit a three-and-a-half-year "nadir," the Purchasing Managers Index (PMI) survey showed on Tuesday.

The Purchasing Managers Index (PMI), a leading indicator compiled by the London-based Markit research firm, produced a combined manufacturing and services score of 46.5 points, better than a flash estimate of 45.8 and up from October's 45.7.

"There are signs that the recession may have reached a nadir," said Markit chief economist Chris Williamson.

"The eurozone's recession looks to have deepened in the final quarter, with gross domestic product likely to have fallen by considerably more than the modest 0.1 percent decline seen in the third quarter," said Williamson.

But he added that it was "reassuring to see that the final eurozone PMI reading came in higher than the earlier flash estimate.

"Services in particular surprised to the upside," he underlined.

November marked the 10th month in a row that the index was below the neutral 50-mark.

Ireland was the only eurozone country in positive territory, Markit noting that France, Italy and Spain "remained in deep contraction territory, despite rates of decline moderating in France and Spain."

The downturn in Germany also eased, they said.