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Eurozone private sector activity contracts again: survey

23 November 2011, 11:21 CET
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(BRUSSELS) - Eurozone private sector activity retreated for the third month running in November as businesses worry about the impact of the debt crisis on the economy, a closely-watched survey showed on Wednesday.

Output growth in Germany, Europe's top economy, remained close to stagnation while in France it fell for the second month running, according to the Purchasing Managers Index (PMI) compiled by Markit research firm.

"Companies are clearly shaken by the debt crisis and its growing impact on the real economy, both in Europe and further afield," said Markit chief economist Chris Williamson.

The survey of 4,500 eurozone companies stood at 47.2 in November, a slight improvement from 46.5 points in October. A score below 50 indicates contraction.

"While the improvement in the flash Eurozone PMI indicates that the rate of contraction eased in November, it is unlikely that the region is over the worst," Williamson said.

"The higher PMI reading reflected a slower fall in services activity, but that sector also saw confidence about the year ahead slide to its weakest since March 2009," he added.


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