While the speed of economic contraction felt by Eurozone companies has slowed, the service sector's business conditions showed slight improvement.
According to major foreign media on the 4th, the Hamburg Commercial Bank (HCOB) Eurozone Composite Purchasing Managers' Index (PMI), compiled by S&P Global, recorded 47.6 in December. This was the same level as in November and below the market forecast of 47.0.
The composite PMI is a leading indicator of overall economic conditions; a reading above 50 indicates expansion, while below 50 indicates contraction. Although the economy is still in a contraction phase, the pace of the downturn appears to have somewhat slowed.
The services PMI rose slightly from 48.7 in November to 48.8 in December, exceeding the market forecast of 48.1.
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