Private-sector activity in the eurozone is shrinking at the fastest rate in a decade if figures from pandemic-affected months are stripped out. A figure under 50 indicates a contraction of business activity, while one over 50 suggests growth. "In the eurozone, things are moving from bad to worse," said Cyrus de la Rubia, chief economist at the Hamburg Commercial Bank which partners with S&P for the PMI. The data showed private-sector activity in the eurozone was shrinking at the fastest rate in a decade if figures from pandemic-affected months were stripped out. Jobs in the manufacturing sector were being shed at the fastest rate since August 2020, and hiring in the services sector was close to a standstill.

Source: Daily Nation October 24, 2023 10:30 UTC