November saw business activity fall across the eurozone for a fifth month running, according to flash PMI data. Although the rate of decline remained the secondstrongest since 2013, excluding COVID-19 lockdown months, the intensity of the downturn moderated in response to a reduced rate of loss of new business, fewer supply constraints and a pick-up in business confidence about the year ahead. Business sentiment nevertheless remained gloomy by historical standards, and demand continued to fall at a steep rate, leading to a pull-back in employment growth during the month. One upside of the weaker demand picture and ... (full story)