Eurozone business growth below all expectations
November PMI dips to 51.4, points to 0.1-0.2% GDP growth in current quarter
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London
EUROZONE business growth has been weaker than any forecaster expected this month and new orders have fallen for the first time in more than a year despite further price-cutting, a survey showed on Thursday.
Markit's Composite Flash Purchasing Managers' Index (PMI), based on surveys of thousands of companies and seen as a good growth indicator, fell to 51.4, missing even the lowest forecast in a Reuters poll. "This is going to be a huge disappointment for the European Central Bank. This is the eurozone more or less just continuing to stagnate, a renewed downturn is an increasing likelihood," said Chris Williamson, survey compiler Markit's chief economist.
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