On Monday, the 2nd of December 2019, euro zone data released from IHS Markit had posted another downbeat PMI (Purchasing Managers’ Index) data for the bloc’s manufacturing activity, as manufacturing activity of European Union, a pact of 28 European nations excluding United Kingdom, shrank for tenth straight months in a row in November.
Nonetheless, following reveal of Monday’s (December 2nd) IHS Markit data, a number of analysts were quoted saying that a dwindling EU economy might have marginally picked up in November, as forward-looking indicators seemed to have turned a corner.
However, according to Monday’s (December 2nd) IHS Markit manufacturing Purchasing Managers’ Index data, EU had still been harbouring below fifty, a level that separates contraction from growth, nonetheless, November PMI data was better than that of October’s and was up to 46.9 in November from a 45.9 a month earlier, which had also beaten an analysts’ estimate of 46.6.
Meanwhile, expressing a cautious optimism on Euro Zone’s manufacturing activity, a chief business economist at IHS Markit, Chris Williamson said late on Monday (December 2nd), “Although still signalling a steep rate of decline, the manufacturing PMI nonetheless brings some encouraging signals which will fuel speculation that the worst is over for euro area producers.
Perhaps most promising is a marked upturn in business sentiment, particularly in Germany,” as EU business optimism data posted its biggest monthly upsurge in more than six years to a reading of 55.3 from 51.9 a month earlier.
