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Eurozone Economy on Brink of Recession
The economy of the 17-country eurozone shrank from July to August, marking the seventh straight month of contraction, according to preliminary figures from London-based Markit Economics.
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The economy of the 17-country eurozone shrank from July to August, marking the seventh straight month of contraction, according to preliminary figures from London-based Markit Economics.
Markit's composite index for eurozone manufacturing and services, which is based on a survey of purchasing managers, edged up to 46.6 in August from 45.5 last month. A reading below 50 indicates contraction.
The July and August results equate to a 0.5%-0.6% decline in the region's economy from the second quarter, according to the research firm.
Last week Eurostat, the European Union's statistics agency, said economic growth in the eurozone's economy was flat in the first quarter and shrank 0.2% in the second quarter.
Markit says its latest data confirm expectations that the eurozone is sinking into recession in the current quarter. Recession is defined as two straight quarters of economic contraction.
Markit's eurozone manufacturing index rose to 45.3 in August from a three-year low of 44 in July.
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