Eurozone Einkaufsmanagerindex Verarbeitendes Gewerbe

The HCOB Flash Eurozone Manufacturing PMI fell to 45.2 in November 2024 from 46 in October and well below forecasts of 46. The reading pointed to another deep contraction in the manufacturing sector. Output declined, sharper reductions were recorded for new orders and workforce numbers decreased markedly, and to the largest degree since August 2020. Also, firms scaled back their purchasing activity, stocks of both purchases and finished goods were also lowered. On the price front, both input and output costs declined. However, "manufacturing purchase prices didn't drop as much as the previous month. If the euro keeps weakening, purchase prices might even rise in the coming months, especially if the EU Commission imposes counter-tariffs in response to potential US tariff hikes”, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said.