Friday, May 24, 2013

Shrinking eurozone output points to recession in second quarter

The eurozone is likely to remain in recession in the second quarter, a business survey showed on Thursday, with output in both France and Germany, the two biggest economies, still shrinking.

The initial reading of the Markit eurozone Purchasing Managers’ Composite index for both the manufacturing and services sectors rose to 47.7 in May from 46.9 in April. That beat market expectations for the indicator but remained firmly short of the 50.0 level separating growth from contraction.