The ongoing downturn in the euro area private sector suggested that the region might have entered a shallow recession in the final quarter of 2023, according to the latest purchasing managers' survey results released by S&P Global on Thursday.
The HCOB flash composite output index rose to 47.1 in November from 46.5 in October. The reading was also above economists' forecast of 46.9.
Nonetheless, the score was below the natural 50.0 mark for the sixth straight month, indicating a contraction in the private sector. "Considering the flash PMI numbers for November in our nowcast model indicates the potential for a second consecutive quarter of shrinking GDP," Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.