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Eurozone Economy Contracts In November

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By Douglas A. McIntyre Published
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According to CNBC, the Markit measure of Europe’s economy posted poor results for the third month in a row

Survey compiler Markit said November’s composite PMI put the euro zone on course for a 0.6 percent economic contraction in the fourth quarter—worse than any forecast from more than 30 economists polled by Reuters last month.

The latest data comes at the start of a week that could prove crucial in resolving a debt crisis that threatens to tear apart Europe’s common currency bloc, something that could have catastrophic implications for the global economy.

Most economists who follow the region already assume that the GDPs of Greece, Italy, and Spain are in rapid contraction. Economic activity in France and Germany has also slowed. Since the region’s two largest economies count heavily on their neighbors for consumer demand, Germany and France may be caught in the trouble that has pushed the balance of the region into a near-depression that could last for several years.

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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