The Purchasing Managers Index (PMI) data for November showed a mild acceleration in the rate of contraction in eurozone productivity, following a slowdown in October.
This reflected a quicker fall in the manufacturing industry and a renewed reduction in the service economy. Private sector labour market efficiency continued to deteriorate in Germany and Italy, while a fourth successive improvement was evident in France.
Once again, the worst trend for productivity was noted in Germany. The fall accelerated from October, but remained slight overall. There was a renewed deterioration in labour market efficiency in the manufacturing industry, but the pace of contraction was marginal overall. Germany’s service sector saw the seventh successive decline in productivity, with the rate of reduction the joint-quickest over this period.