The downturn in the euro area economy extended into a sixth month midway through the fourth quarter, with declines in new business and backlogs of work being sustained. The labour market finally succumbed to the downward drag from weakening demand conditions as employment fell for the first time since January 2021. Business confidence, while edging up fractionally, remained subdued by historical standards, and inflationary pressures intensified. The seasonally adjusted HCOB Eurozone Composite PMI Output Index, a weighted average of the HCOB Manufacturing PMI Output Index and the HCOB Services PMI Business Activity ... (full story)