This is the first time since January that both sectors recorded a decline in production simultaneously.
The composite production index for “Standard & Poor’s Global” to 48.1 in November, the lowest level since January.
The index had reached 50 last October.
A significant decline in new business was observed in both European manufacturing and services, with international orders also seeing the largest decline since the end of 2023.
Business confidence fell to its lowest level since September 2023, mainly due to pessimism in the service sector in EuropeWhile European companies continued to reduce employment for the fourth consecutive month in November.
Stagnation in capacity also remained evident in the private sector, where backlogs fell further.
Input cost inflation rose to its highest level in three months and producer price growth accelerated compared to October.
European economists expressed their concern about these developments, pointing to the weakness of the economic scene in the economies Eurozone Home like France andGermanywhere political instability adds to the uncertainty.
In Germany, the private sector contracted for the second month in a row, with industrial production continuing to weaken and service activity declining for the first time in nine months.
France witnessed a significant decline in private sector production, with the manufacturing and service sectors contributing to the contraction.
