Economic activity in the eurozone also points to a decline in November

The decline in the composite Purchasing Managers’ Index (PMI), which jointly assesses the manufacturing and services sectors and is seen as an indicator of the state of the euro zone economy, lost momentum in November. However, the economy is expected to contract again this quarter as consumers continue to reduce their spending.

The composite PMI was announced at 47.1 in November, above expectations, but remained below the 50 level.

According to this data, above 50 points indicates growth, below 50 points indicates contraction.

Last month, the final figure was announced at 46.5, near the lowest level in three years.

Economists polled by Reuters had predicted the composite PMI would be at 46.9.

The services sector subindex was announced at 48.2 in November, above expectations of 48.1.

The Manufacturing PMI was announced at 43.8 in November, above expectations of 43.4. (REUTERS)