The final Composite PMI for the euro-zone in December was revised up significantly from the flash estimate of 47.0 to 47.6, meaning that it was unchanged compared to the November reading. Nonetheless, on past form it is still consistent with the economy contracting by around 0.2% q/q. Both the Manufacturing Output and the Services Business Activity PMIs were broadly unchanged from their November levels, with both still below the 50 “no-change” mark.
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