The eurozone’s manufacturing PMI fell to just 50.1 in November. Anything over 50 signals growth, and anything below signals contraction, so the currency union’s industry is back within a hair of recession.
The three biggest economies in the bloc all now have PMI readings below 50, with only Spain holding the region’s manufacturing in growth territory.
Here’s how it breaks down by country:
Spain’s PMI for manufacturing surged to a seven year high at 54.7. That’s up from last month’s 52.6, and the best since July 2007.
Italy’s manufacturing PMI sits unchanged at 49. No movement in November for Italy, which is still in recession. October’s figure was also 49, signalling a contraction.
French manufacturers are signalling shrinkage too, with a PMI at 48.4. That’s down from October’s 48.5, but slightly better than analysts expected. French industry hasn’t reported growth since April.
Germany’s industry is back in recession territory with a PMI reading of 49.5. That’s the lowest since summer 2013.
That means Europe’s three biggest economies are all signalling a downturn. Here’s a chart from Markit, which produces the PMI figures, on how the readings usually match up with industrial output:
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