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Reply #45: Euro zone and China signal sharp global slowdown [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 10:03 AM
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45. Euro zone and China signal sharp global slowdown

LONDON: Europe's debt crisis might have pushed its economy into a far steeper contraction than anyone thought and growth in China is sputtering, according to surveys that point to a sharp global slowdown taking place.

Even though there are fresh signs the US economy is perking up, business surveys on Monday were mainly downbeat and confirmed the economic toll of the euro zone's sovereign debt crisis.

They come at the start of a week that could prove crucial in resolving a debt crisis which threatens to tear apart Europe's common currency area, something that would have catastrophic implications for the global economy.

The euro zone's composite purchasing managers index (PMI), while improving slightly month-on-month in November, still tallied with a 0.6 percent quarterly rate of decline for the last three months of this year.
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