Business activity in the eurozone slumped in November to a 16-month low, a key indicator showed on Thursday, fueling fears that the currency bloc is in for more economic woes, dep reported. The London-based research group Markit said its closely watched Purchasing Managers' Index (PMI) for the region's manufacturing and service sectors fell to 51.4, down from 52.1 a month earlier. It is the lowest level recorded since July 2013. All readings above 50 indicate expansion in business activity. Analysts had been expecting a slight increase this month for the indicator, which regularly surveys about 5,000 companies. "The single currency area is struggling to eke out any growth," Markit chief economist Chris Williamson said, adding that the PMI decrease "raises the risk of the region slipping back into a renewed downturn." The eurozone emerged from recession last year, but has struggled to achieve a credible recovery, plagued by lackluster growth, high unemployment and low inflation.