February’s eurozone manufacturing PMI data declined to 49.2 - where a reading below 50 indicates a contraction of activity. The manufacturing purchasing managers’ index (PMI) is a solid proxy for eurozone GDP growth, and it has been falling fast (see chart 1).
The February print was the 12th consecutive monthly decline, and it’s no surprise that eurozone GDP illustrates a similar decline. The eurozone economy is probably flirting with a technical recession.
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