Breaking News Bar
updated: 9/20/2012 7:15 AM

Survey points to deeper eurozone recession

Success - Article sent! close
Associated Press

LONDON -- A closely-watched economic indicator is suggesting that the recession in the countries that use the euro is getting worse despite recent signs of improvement over Europe's debt crisis.

Financial information company Markit says Thursday its purchasing managers' index -- a gauge of business activity -- for the 17-country eurozone fell to 45.9 in September from 46.3 the previous month. The consensus in the markets was for a modest improvement.

September's rate was the lowest in over three years.

Analysts say the survey suggests that the eurozone economy is contracting by more than the 0.2 percent quarterly rate in the second quarter of 2012.

Anything below 50 indicates a contraction in economic activity.

Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.