Eurozone economic activity plummets to 16-month low

Business activity in the eurozone slumped in
November to a 16-month low, a key indicator showed on Thursday,
fueling fears that the currency bloc is in for more economic woes, dep reported.
The London-based research group Markit said its closely watched
Purchasing Managers' Index (PMI) for the region's manufacturing and
service sectors fell to 51.4, down from 52.1 a month earlier. It is
the lowest level recorded since July 2013.
All readings above 50 indicate expansion in business activity.
Analysts had been expecting a slight increase this month for the
indicator, which regularly surveys about 5,000 companies.
"The single currency area is struggling to eke out any growth,"
Markit chief economist Chris Williamson said, adding that the PMI
decrease "raises the risk of the region slipping back into a renewed
downturn."
The eurozone emerged from recession last year, but has struggled to
achieve a credible recovery, plagued by lackluster growth, high
unemployment and low inflation.