Eurozone manufacturing PMI slightly up in Nov

ANKARA

The eurozone Purchasing Managers' Index (PMI) for manufacturing sector growth stabilized in November, slightly rising from 58.3 in October to 58.4, a London-based global data company revealed on Wednesday.

However, factory operations across the euro area continued to be hindered by severe supply-related constraints, the report said, adding that the latest figures showed the second-slowest expansion since February.

Data split by three broad market groups showed further growth slowdowns for intermediate and investment goods makers, while consumer goods producers recorded accelerated expansion.

Italy was the best performer, with growth there accelerating to 62.8, followed by the Netherlands and Ireland with 60.7 and 59.9.

Greece, meanwhile, saw one of its fastest expansion figures on record, despite fractional easing.

Growth rates elsewhere tended to slow compared with those seen earlier in the year.

Commenting on the PMI data, Chris Williamson, chief business economist at IHS Markit, said: "A strong headline PMI reading masks just how tough business conditions are for manufacturers at the moment."

"Although demand remains strong, as witnessed by a further solid improvement in new order inflows, supply chains continue to deteriorate at a worrying rate," he added.

Looking ahead, rising COVID-19 infection rates are casting a darkening cloud over the near-term outlook, he noted.