Employment has plunged to a five-year low, and a manufacturing recession continues to disrupt the region. Though the service sector has been resilient during the economic deceleration, the loss of momentum in overall growth could signal more slowing ahead.

IHS Markit's Composite Purchasing Managers index printed at 50.6 in December, missing estimates of 50.7. The print, barely above 50, has been sliding since early 2018, now at a level where the region exited a double-dip recession in 2H13.

Commenting on the slumping Eurozone PMI is Chris Williamson, Chief Business Economist at IHS Markit said:

"The Eurozone economy closes out 2019 mired in its worst spell since 2013, with businesses struggling against the headwinds of near-stagnant demand and gloomy prospects for the year ahead. "The economy has been stuck in crawler gear for fourth straight months, with the PMI indicative of GDP growing at a quarterly rate of just 0.1%."