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Reply #19: Eurozone surveys and Chinese factory slowdown add to global economic woes [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 08:32 AM
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19. Eurozone surveys and Chinese factory slowdown add to global economic woes

A worsening slump among the eurozone's services firms and factories, coupled with a sharp decline in Chinese manufacturing, has fuelled fears of a global recession.

Economic data released on Wednesday morning showed that the eurozone is teetering on the brink of recession, with its private sector contracting for a third month in November.

A series of purchasing managers' index (PMI) surveys indicated that the eurozone shrank by 0.5% or 0.6% in the fourth quarter, following 0.2% growth in the third quarter, said survey compiler Markit.

While the service industries contracted less than anticipated this month, manufacturing was worse than expected, with output hitting its lowest levels since mid-2009.

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