Eurozone manufacturing PMI rises to highest since May

By Tuba Ongun

The HCOB Eurozone Manufacturing Purchasing Managers’ Index (PMI) in November rose to its highest since May, according to provisional data released on Thursday.

The reading rose to a 6-month high of 43.8 in November, from 43.1 in October, a report by the US-based financial services company S&P Global showed.

Production dropped for the eighth consecutive month, albeit at the least marked since May.

The manufacturing sector saw the largest job cuts since August 2020, the report revealed.

As well as scaling back employment, manufacturers also cut their purchasing activity rapidly and lowered inventories of both purchases and finished goods, read the statement.