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News Link • Economy - International

Economists Can Neither Think Nor See

•, by Mike Shedlock

The global recession, which started in Europe, is strengthening led by further declines in the eurozone. Markit reports Eurozone sees steepest contraction since June 2009 despite downturn easing in Germany.

Key Points

>Flash Eurozone PMI Composite Output Index at 45.9 (46.3 in August). 39-month low.
>Flash Eurozone Services PMI Activity Index at 46.0 (47.2 in August). 38-month low.
>Flash Eurozone Manufacturing PMI at 46.0 45.1 in August). Six-month high.
>Flash Eurozone Manufacturing PMI Output Index at 45.5 (44.4 in August). Five-month high.

The Markit Eurozone PMI® Composite Output

Index fell from 46.3 in August to 45.9 in September, according to the preliminary 'flash' reading, based on around 85% of usual monthly replies. The index therefore signalled that the private sector economy contracted for the twelfth time in the past 13 months, with the rate of decline accelerating slightly to reach the fastest since June 2009.

The September reading rounds of the weakest quarter since the second quarter of 2009, with the average PMI reading for the third quarter at 46.2, down from an average of 46.4 in the second quarter.

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