Eurozone's private sector hit for a fifth month

The global recession which started in Europe, is strengthening led by further declines in the eurozone. Markit reports Eurozone sees steepest contraction since June 2009 despite downturn easing in Germany. Key Points

LONDON — The eurozone’s economic slump was a little less pronounced in November than previously thought, although there are few signs the region will emerge from recession any time soon, business surveys showed on Wednesday. Markit’s Eurozone Composite PMI, which gauges business activity across thousands of companies, rose in November to 46.5 from 45.7 in October – markedly higher than the preliminary reading of 45.8 reported 10 days ago.

Today, European data shattered two long held beliefs by Markit and in general, unthinking economists everywhere. Shattered Myths European recession would be mild Germany would continue to diverge from the rest of Europe Markit reports Eurozone sees stronger rate of decline at start of second quarter

Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog.In October the Market Flash Eurozone PMI Composite Output Index fell to its lowest level since July 2009. It fell to 47.2 from 48.8 in September and marked the second consecutive month of contraction in private business activity in the Eurozone. The Flash Eurozone Services PMI Activity Index fell to 47.2 from 48.8 in September, while the Flash Manufacturing PMI dropped to 47.3 from 48.5 in September.

In what should have been expected, but somehow wasn't, Eurozone weakness is across the board except for Ireland bucking the trend for now. Markit says Eurozone Composite PMI® Signals New Recession in Eurozone Key Points for March

There are few sure bets economically speaking (especially if one has to put a timeframe on them), but some things come close. One easy call was for a continued implosion in France. Sure enough the Markit Flash France PMI shows Sharpest fall in French private sector output for four years. Key points:

As easily predicted, at least in this corner, the Markit Flash Eurozone PMI® shows Downturn in Eurozone economy extends into seventh month. Key Points

Eurozone private sector activity sank to the lowest level for three years in the second quarter as business sentiment deteriorated in the crisis-hit region, a key survey showed Thursday.The Purchasing Managers Index (PMI) compiled by business research firm Markit was stuck at 46 points in June, the same level as May, indicating another month of contraction in activity."The flash PMI for June rounded off the weakest quarter for three years, indicating Eurozone GDP is likely to have fallen by 0.6 percent," said Markit chief economist Chris Williamson.