Eurozone PMI Collapses
June 5, 2012 by Douglas A. McIntyre
At 46.0 in May, down from 46.7 in April, the Markit Eurozone PMI Composite Output Index signalled the steepest rate of decline in manufacturing and services output in the single currency area since June 2009.
In addition:
May services PMI data indicates that the sector has fallen into a steepening downturn, in tandem with the stronger decline in the goods-producing sector signalled by Markit’s manufacturing data last week. There were also further signs of weakness spreading from the non-core to core nations, with even Germany slipping back into contraction.
Germany’s figure of 49.3 was a 34-month low. France’s 44.6 was a 37-month low. Spain’s PMI collapsed to 41.2. There is no reason, based on data about GDP and unemployment in the region, to think any of these numbers will improve soon.
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