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Weak eurozone PMI points to recession

03-23-2012 13:58 BJT

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In the European trading session, stocks are down across the board, as the latest PMI data shows the eurozone's economy took an unexpected turn for the worse in March, hit by a sharp fall in French and German factory activity that even the most pessimistic economists failed to predict.

DAX, FTSE, CAC. Markit’s Eurozone Composite PMI fell to 48.7 in March from 49.3 in February, slipping further below the 50 mark that separates growth from contraction.

Analysts say the contraction suggests the region has fallen back into recession, with output now having fallen in both the final quarter of last year and the first quarter of 2012.

Most worryingly, the surveys suggest business activity in economic heavyweights France and Germany is starting to flag, with job losses mounting across the bloc at the fastest pace since March 2010.

 

 

Editor:Zhang Rui |Source: CNTV.CN

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