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Last quarter the economy contracted 0.1%, according to official
data, and Tuesday's Composite Purchasing Managers' Index (PMI)
for November indicated the 20-country currency union is on track
to do so again this quarter, meeting the technical definition of
recession.
HCOB's composite PMI, compiled by S&P Global and seen as a good
guide of overall economic health, rose to 47.6 from October's
near three-year low of 46.5 and coming in above a 47.1
preliminary estimate.
That was its best reading since July but remained firmly below
the 50 mark separating growth from contraction.
A PMI for the services sector rose to 48.7 from October's 47.8.
"The service sector maintained its downward slide in November.
The modest improvement of the activity index does not leave much
room for optimism regarding a swift recovery in the immediate
future," said Cyrus de la Rubia, chief economist at Hamburg
Commercial Bank.
"The sombre outlook is reinforced by the fifth consecutive
monthly shrinkage in new business. A fall in GDP is on the cards
for the fourth quarter."
An index measuring new business - a gauge of demand - was below
50 for a fifth month although it did rise to 46.7 from 45.6.
However, overall sentiment about the year ahead improved. The
composite future output index rose to 56.0 from 55.6.
(Reporting by Jonathan Cable; Editing by Susan Fenton)
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