{"id":104057,"date":"2021-01-06T09:47:19","date_gmt":"2021-01-06T09:47:19","guid":{"rendered":"https:\/\/fin2me.com\/?p=104057"},"modified":"2021-01-06T09:47:19","modified_gmt":"2021-01-06T09:47:19","slug":"euro-zone-contraction-deeper-than-thought-in-dec-as-lockdowns-bite-pmi","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/euro-zone-contraction-deeper-than-thought-in-dec-as-lockdowns-bite-pmi\/","title":{"rendered":"Euro zone contraction deeper than thought in Dec as lockdowns bite -PMI"},"content":{"rendered":"

LONDON (Reuters) – Economic activity in the euro zone contracted more sharply than previously thought at the end of 2020 and could get worse as renewed lockdown restrictions imposed to contain the coronavirus hit the bloc\u2019s dominant service industry, a survey showed.<\/p>

FILE PHOTO: Empty chairs and tables are pictured on the first day of the temporary closing of restaurants, as the spread of coronavirus disease (COVID-19) continues in Berlin, Germany, November 2, 2020. REUTERS\/Annegret Hilse<\/figcaption>

With infection rates soaring across Europe, countries have clamped down on public life. Germany is set to extend its strict lockdown until the end of the month and Italy decided on Tuesday to keep some nationwide restrictions in place.<\/p>\n

IHS Markit\u2019s final December Composite Purchasing Managers\u2019 Index (PMI), seen as a good gauge of economic health, did rise to 49.1 from November\u2019s 45.3 but was significantly below a flash reading of 49.8. Anything below 50 indicates contraction.<\/p>\n

\u201cService sector activity in particular fell more sharply than estimated by the earlier flash PMI estimate, as more countries stepped up their fights against rising virus case numbers,\u201d said Chris Williamson, chief business economist at IHS Markit.<\/p>\n

The services PMI registered 46.4 in December, better than the previous month\u2019s 41.7 but far weaker than the 47.3 preliminary estimate.<\/p>\n

With much of the service industry being forced to close demand also shrank a lot more than thought. The final services new business index was 46.6 compared to the flash estimate of 47.9, albeit better than November\u2019s 40.6.<\/p>\n

\u201cWorse may be yet to come before things get better, especially as the latest survey data were collected before the news of the new \u2013 more contagious \u2013 strain of the virus,\u201d Williamson said.<\/p>\n

\u201cService sector activity in particular looks likely to remain constrained by severe social distancing in the early months of the new year.\u201d<\/p>\n

But with vaccines being rolled out across the continent overall optimism about the year ahead improved. The composite future output index rose to 64.5 from 60.4, its highest reading since April 2018.<\/p>\n

The bloc\u2019s economy is expected to gain momentum this year on vaccine hopes, a Reuters poll found last month, and will return to pre-crisis levels within two years. [ECILT\/EU]<\/p>\n

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