Andrew Kenningham, Chief European Economist at Kaitou Macro, stated that the weakness in economic activity in the eurozone confirms the situation of the European Central Bank. At present, it seems certain that the European Central Bank will maintain interest rates unchanged at its meeting later this week. Due to the decline in both manufacturing and service industry activities, the purchasing managers' index in the eurozone contracted significantly in October. This data shows that the resilience of the service industry has disappeared earlier this year, while the manufacturing industry is in a severe downturn. With inflation slowing and the labor market also cooling, these PMI data are not expected to change the ECB's thinking as it is already avoiding further interest rate hikes. However, these data do reinforce the feeling that the economic outlook for the eurozone is deteriorating.