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Eurozone Edges Nearer to Recession
Business activity in the eurozone continues to slow, dragging the region closer to a new recession, according to Markit Economics' Composite Purchasing Manager's Index.
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Business activity in the eurozone continues to slow, dragging the region closer to a new recession, according to Markit Economics' Composite Purchasing Manager's Index.
The London-based market research firm's index lost one point, sliding to a 16-month low of 51.1 in November from a 35-month high of 53.5 in May. Any number above 50 indicates growth.
Markit estimates the eurozone's gross domestic product will expand only 0.1% in the fourth quarter. November new orders in the manufacturing sector fell for the third consecutive month.
Williamson says France's worsening economic slump poses the biggest threat to the eurozone. He also notes the growth in business activity in Germany has sagged to its slowest pace in 17 months.
Chief Economist Chris Williamson opines that quick and aggressive measures will be needed to avert the "strong likelihood" of economic contraction in 2015.
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