The eurozone economic downturn accelerated at the start of the fourth quarter, according to provisional PMI survey data for October, with private sector output declining at the steepest rate for over a decade if pandemic affected months are excluded. New orders also fell at an accelerating rate, pointing to a worsening demand environment for both goods and services. Companies cut employment as a result, representing the first drop in headcounts since the lockdowns of early 2021, and remained focused on cost-cutting inventory management. Despite some upward pressure on costs from higher oil prices, the rate of ... (full story)