Eurozone recession to continue into 2013, survey suggests

The rate of contraction in the eurozone economy may be easing slightly in November- according to a closely watched survey.Eurozone recession to continue into 2013, survey suggestsBut the region is still in line for another quarter of recession with further contraction likely in early 2013, according to Markit, who produced the survey.

Its Eurozone Composite Purchasing Managers’ Index (PMI), which measures business activity, rose to 46.5 in November from 45.7 the month before.

However any score below 50 indicates that the economy is still contracting.

Although the figure was better than expected, there were few signs that the eurozone would climb out of recession any time soon, Markit said.

“Despite the easing in the rate of decline, the region still looks set for further contraction in the early months of 2013, as weak consumer demand in many countries combines with low levels of business confidence and falling global trade”, said Chris Williamson, Markit’s chief economist.

The eurozone economy shrank by 0.1% in the third quarter of the year and is forecast to shrink again in the current quarter as downturns in the services and manufacturing sectors look set to continue.

While the PMI composite index in France and Spain reached three-month highs of 44.3 and 43.4 respectively, Italy slumped to a three-month low of 44.4 in November.

Even Germany, long considered to be the eurozone’s economic powerhouse, saw output continue to fall, albeit at a considerably slower rate than fellow eurozone members.

Its composite PMI figure for November was 49.2, a two-month high.

Only Ireland achieved growth in business activity, with an index score of 55.3, close to its 20-month high reached in October.

January 2, 2013 · Home Based Jobs · Comments Closed
Tags: , , , , , , ,  · Posted in: Full Time Jobs, Home Based Job Vacancies, Home Based Jobs, Home Working, Part Time Jobs, Risk of Redundancy, Self Employed Work, Self Employment Jobs, Stay at Home Jobs, Uncategorized, Unemployment Rises, Work From Home