The downturn in euro zone business activity eased slightly in November offering a glimmer of hope the expected recession may be shallower than feared, but consumers still cut spending amid a cost of living crisis, a survey showed on Wednesday.
published on Tuesday economists gave a 78% chance of one within a year, with GDP expected to fall 0.4% this quarter and next.
S&P Global's flash Composite Purchasing Managers' Index , seen as a good gauge of overall economic health, nudged up to 47.8 from 47.3 in October, confounding expectations for a fall to 47.0 in a Reuters poll. However, November is the fifth month the index has been below the 50 mark separating growth from contraction.
"Today's PMI data continue to show that the euro zone has entered a recession, with the surveys pointing to a milder contraction compared to previous recessions," said Paolo Grignani at Oxford Economics.economic activity also eased in November, a sister survey showed, offering some hope an expected recession in Europe's largest economy could be milder than first feared.
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