The great long awaited recovery in the Eurozone – the one that promoted so much market exuberance earlier this year – is on hold in much the same way as you are left on hold when you try to call your bank, broadband supplier, or the tax man.
According to the latest flash PMI for the Eurozone, the economy is still wilting.
The flash composite PMI for the Eurozone stayed at 46.5 in April, the same as last month – and remember by flash we mean early estimate, and by composite we mean manufacturing and services.
Any score under 50 is meant to denote contraction.
Chris Williamson, chief economist at Markit, said: “Although the PMI was unchanged in April, the survey is signalling a worrying weakness in the economy at the start of the second quarter, with signs that the downturn is more likely to intensify further in coming months rather than ease.”
Okay, this is just an early estimate. The fuller version will be out during the first week of May. We need to wait until then before drawing conclusions, but the runes are not looking good.
© Investment & Business News 2013