Eurozone Business Growth Slows For Second Consecutive Month

"Unexpected"

Eurozone's private sector growth weakened for the second straight month in November, defying expectations for a faster expansion, as a strong pick-up in Germany was offset by a renewed contraction in the French business activity. The slowdown raises concerns that the euro area economic recovery could lose pace in the fourth quarter.

The seasonally adjusted composite Purchasing Managers' Index, which gauges performance of the manufacturing and service sectors, dropped to a three-month low of 51.5 in November from 51.9 in October, preliminary estimates released by Markit Economics showed Thursday. The index declined for the second month in a row.