Survey raises fears of the recession in eurozone
Markits says purchasing managers’ index falls to 51.4.
LONDON — A closely watched survey says the muted economic recovery in the 18-country eurozone lost ground in November and that the region faces the prospect of another recession.
Financial information company Markit says its purchasing managers’ index for the eurozone, a broad gauge of business activity, fell to a 16-month low of 51.4 points in November from 52.1 in October. Though anything above 50 indicates expansion, the survey suggests a recession isn’t far away.
Markit’s chief economist Chris Williamson says the decline “raises the risk of the region slipping back into a renewed downturn” and that quarterly growth in the final quarter is set to be just 0.1% to 0.2%. Figures last week showed that the eurozone grew by only 0.2% in the third quarter.