Last month the economy ofEurozone saw a slight improvement. Markit's composite PMI rose 46,5 points - the highest since July - from 45,7 in October, above expectations and the flash estimate of 45,8. However, the indicator remained below the 50-point threshold, which marks the boundary between expansion and contraction. November's services PMI came in at 46,7, an improvement from 46,0 in October and above the preliminary reading of 45,7.
As for theItaly, the services PMI fell to 44,60 points, from 46 points in October, indicating that the contraction in Italian tertiary activity is intensifying. Analysts' expectations were unchanged from October.
The contraction of the services sector in FranceInstead, it slowed down in November after three months of acceleration, but the drop in new business, to April 2009 levels, suggests that the situation could get even worse. The final PMI for services came in at 45,8 for the month, up from 44,6 in October, although slightly below initial estimates of 46,1. The PMI composite index, which combines the services and manufacturing sectors, rose in November to 44,3 from 43,5, below 50 for the ninth consecutive month.
as to Germany, the private sector is in recession for the seventh consecutive month, although the contraction in the services sector is less marked than expected by the flash estimate, thanks to new orders which recorded the lowest drop since June. November final composite PMI rose to 49,2 in November from 47,7 in October, services PMI rose to 49,7 versus preliminary reading of 48, and with new orders sub-index up at 47,6, the highest level in the last five months.
Infine in Spain, the services sector contracted for the seventeenth consecutive month in November, although it recorded the highest level since last August. The Spanish services PMI rose to 42,4 in November from 41,2 in October, better than expectations, which indicated a further decline to 41,0.
