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Economy

Pace of Eurozone Recession Slows: Markit

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By Douglas A. McIntyre Updated Published
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The worst of the recession in Europe may have ended, or at least the economy there is not deteriorating as fast as it has been. Markit issued its latest purchasing managers index (PMI) data for the region and said :

At 48.7 in June, up from 47.7 in May,the final Markit Eurozone PMI Composite Output Index indicated a further easing in the rate of contraction in economic output to a 15-month low.

The reading was below its earlier flash estimate (48.9), however, and signals that overall activity has now fallen in each of the past 17 months.

Another way to look at the data is that it is “less bad” than it has been recently, and the figures indicate that the slowing is fragile, at best.

The data also showed that several economies continue in period of PMI contraction, and other information about their GDP and employment situations support the notion the, in general, awful conditions have not improved:

Nations ranked by all-sector output growth (June)

Ireland  53.2  5-month high
Germany  50.4  3-month high
Spain  48.1  24-month high
France  47.4  10-month high
Italy  47.0  21-month high

A number of 50 is the break between expansion and contraction.

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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