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Business activity in the London-Eurozone accelerated last month, but demand growth slowed and concerns over variants of the Omicron coronavirus showed optimism, which could lead to a temporary recovery, said Friday. The survey showed.
IHS Markit’s Flash Composite Purchasing Managers’ Index (PMI), a good indicator of overall economic health, jumped from 54.2 in October to 55.4 in November, below the previous 55.8 “flash” estimate. , Above the 50 mark that separates growth and contraction.
Chris Williamson, Chief Business Economist at IHS Markit, said:
“Not only did demand growth weaken, but pandemic concerns regained, lowering expectations for future growth for companies.”
The new business index fell from 55.1 to 54.7, the lowest since April.
The final PMI for Block’s major service industry rose from 54.6 to 55.9, well below the tentative estimate of 56.6.
However, the optimistic corporate expectations index, which is about a year away, fell from 69.0 to 66.7, the lowest level since February.
As Europe fights another wave of coronavirus infection, the government has re-imposed restrictions, and the World Health Organization said on Monday that variants of Omicron were at very high risk of a surge in infection.
“Data collected prior to the news of the Omicron variant will inevitably further knock out sentiment about the short-term outlook,” Williamson said.
Limits have had a greater impact on service than manufacturing, and factory PMI on Wednesday showed a slight acceleration in growth last month, but supply chain bottlenecks worsened, production caps were capped, and raw materials Costs have risen at the fastest rate in over 20 years.
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