Markit
market research agency to a survey released on Thursday, 9 euro zone private sector shrinking for the first two to see, because of the escalating crisis and sovereign debt global market unrest that hindered economic growth.
details of the data:
9 euro zone manufacturing PMI fell to two low manufacturing PMI 48.4, slightly worse than analyst expectations of 48.5. Manufacturing has been the main driver of economic recovery in the euro area. Scenario similar to the manufacturing and service industries.
9 services Eurozone services PMI purchasing managers index fell to 49.1, far below the expected final value of 51.5 51.0,8. This is the first time since the index fell below 50 since 20098 the fortunes of the watershed.
comprehensive PMI8 covering manufacturing and services PMI comprehensive initial drop to 49.2, for the first time fell below 50 since the 20097, less than 8 50.7, 50.0 are worse than forecast Reuters
breakdown of data showed that industrial production for the second consecutive decline. New orders fell for the fourth, the biggest drop since the 20095. New orders index fell to 46.0 from August’s 44.8.
interpretation of data:
the survey indicates, sluggish economic growth in the euro zone this season, and Show debt crisis confidence and economic growth began to threaten.
Markit chief economist Chris Williamson said the recovery is over, we are now in decline. Forward-looking indicators are harbingers of the coming economy will deteriorate further.
Williamson also said that now is not just the trouble spread to the second national core national problem. global economy there a wider range of issues, are hurt the economy.
he said: “Clearly the region and export markets, the euro area showed a weakness, so we see a general deterioration. Two services and manufacturing sectors expected the situation will further deteriorate in the fourth quarter. “
Markit mentioned that the data and the basic economic growth in Europe this quarter, the situation of stagnation line. A survey of this early forecast third-quarter economic growth in the euro area 0.2%, already at very weak levels.
Tags: 9 euro zone manufacturing PMI fell to 48.4 two low, low, manufacturing, the euro
