Private sector to struggle in eurozone
Source: Agencies |
July 25, 2012, Wednesday
|
Print Edition
Print Edition
THE troubled eurozone's private sector looks set for many months of more pain, July business surveys showed yesterday.
In a further blow to policymakers battling Europe's raging debt crisis - with Spain now firmly in the bailout spotlight - the downturn that began in the eurozone's smaller economies has now become entrenched in core countries of Germany and France.
The 17-nation eurozone's private-sector economy shrank for a sixth month in July. Manufacturing output nosedived, particularly in Germany, making another official recession likely.
Markit's Eurozone Composite PMI, which combines the services and manufacturing sectors and is as a good guide to overall growth, held steady at 46.4, but manufacturing was dire and forward-looking indicators were grim.
The composite index has been below the 50 mark that separates growth from contraction for half a year.
In a further blow to policymakers battling Europe's raging debt crisis - with Spain now firmly in the bailout spotlight - the downturn that began in the eurozone's smaller economies has now become entrenched in core countries of Germany and France.
The 17-nation eurozone's private-sector economy shrank for a sixth month in July. Manufacturing output nosedived, particularly in Germany, making another official recession likely.
Markit's Eurozone Composite PMI, which combines the services and manufacturing sectors and is as a good guide to overall growth, held steady at 46.4, but manufacturing was dire and forward-looking indicators were grim.
The composite index has been below the 50 mark that separates growth from contraction for half a year.
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