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Europe's Private-Sector Slowdown 'Pointing To Recession'
worldtraveller
Posts: 14,013 Forumite
Private sector activity in the euro zone shrank at its fastest pace in 28 months in October as the debt crisis sapped new business and soured sentiment in an economy looking like it is heading into a slump, survey data showed on Friday.
Markit's composite Purchasing Managers' Index for the single currency area sank to 46.5, down from 49.1 in September and below an earlier flash estimate of 47.2.
"(This) is the kind of level which frankly is pointing to recession," said Peter Dixon, economist at Commerzbank.
"We knew it would it bad but clearly the fact it deteriorated more rapidly than we anticipated indicates the economy is losing momentum at a faster pace. Obviously the euro zone debt crisis is leaving its imprint on the real economy."
Markit's Services PMI also fell sharply, to 46.4 in October from 48.8 in September, its lowest reading since July 2009 and again markedly lower than an earlier flash reading of 47.2.
It was the biggest downward revision from the flash reading since November 2008, when Europe was plunging into the darkest phase of the financial crisis.
Reuters
....and on the bright side?
Markit's composite Purchasing Managers' Index for the single currency area sank to 46.5, down from 49.1 in September and below an earlier flash estimate of 47.2.
"(This) is the kind of level which frankly is pointing to recession," said Peter Dixon, economist at Commerzbank.
"We knew it would it bad but clearly the fact it deteriorated more rapidly than we anticipated indicates the economy is losing momentum at a faster pace. Obviously the euro zone debt crisis is leaving its imprint on the real economy."
Markit's Services PMI also fell sharply, to 46.4 in October from 48.8 in September, its lowest reading since July 2009 and again markedly lower than an earlier flash reading of 47.2.
It was the biggest downward revision from the flash reading since November 2008, when Europe was plunging into the darkest phase of the financial crisis.
Reuters
....and on the bright side?
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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Comments
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worldtraveller wrote: »....and on the bright side?
The necessary correction is taking place. As monetary supply contracts. May not be as wealthy on the other side but happier perhaps.0 -
Europe's Private-Sector Slowdown 'Pointing To [STRIKE]Recession[/STRIKE] depression'
Done it for you.Not Again0 -
'Well all I see is people spend, spend, spending and spending some more around my way. What recession? There seems to be more money going around than ever before. Return of the boom years I say'
I thought I would get MrRee's or Rewierd's answer in for them to save them the effort of typing.
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shortchanged wrote: »'Well all I see is people spend, spend, spending and spending some more around my way. What recession? There seems to be more money going around than ever before. Return of the boom years I say'
I thought I would get MrRee's or Rewierd's answer in for them to save them the effort of typing.
:rotfl::rotfl::rotfl:Dont wait for your boat to come in 'Swim out and meet the bloody thing'
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