Euro zone business activity shrinks to six month low after new coronavirus lockdowns

The Champs-Elysees Avenue and the Arc de Triomphe are seen after the Christmas illuminations were switched on in Paris, France, Nov. 22, 2020.

Xinhua News Agency | Xinhua News Agency | Getty Images

LONDON — Economic activity in the euro zone sank once again in November after governments introduced new lockdowns and social restrictions to contain further spreading of the coronavirus.

However, news that a Covid-19 vaccine might soon be ready for distribution has made businesses more confident about returning to their normal activity levels in the next 12 months.

The flash euro zone PMI composite output index, which looks at activity in both manufacturing and services sectors, came in at 45.1 in November — the lowest reading in six months.

A reading below 50 represents a contraction in business activity.

This is a breaking news story and it is being updated.

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