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Eurozone flash PMI indicates weakest growth in 16 months

FXStreet (London) - The pace of economic growth in the euro area slowed to a 16-month low in November, according to the Markit Eurozone PMI. The headline index, which measures business activity in the manufacturing and services economies, fell from 52.1 in October to 51.4, its lowest since July of last year.

According to the Markit PMI survey released today, manufacturing output growth picked up slightly to the highest for four months, but the rate of expansion remained only modest. Growth in the service sector meanwhile eased for a fourth successive month to the weakest since last December.

The report highlights France as a main area of weakness - suffering a drop in business activity for a seventh consecutive month and a further month of job cuts. Although the rates of decline in business activity and employment eased slightly, inflows of new business fell at the fastest rate for almost one-and-a-half years.

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