Euro-Zone PMI Shrinks in March; Traders Keep Eye on Cyprus
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Recession continues to hold a firm grip in the euro-area, according to new economic data out Thursday.
Markit Economics said its purchasing managers index slipped from 47.9 to 46.5 in March. Economists were looking for a reading of 48.2, Bloomberg notes today.
Services slipped from 47.9 down to 46.5, while manufacturing dropped to 46.6 from 47.9 last month.
Estimates for growth in the region continue to differ; the European Central Bank sees contraction of 0.5 percent for 2013, while a survey of economists is looking for a 0.1 point dip in Q113 before the area returns to growth. The region has shown contraction over the last five quarters.
Should the situation in Cyprus continue, expect a few revisions not too far down the road. Currently, the tiny island nation has until Monday to raise billions, or risk losing a bailout which would lead to collapse in the country's banking system.
Markit Economics said its purchasing managers index slipped from 47.9 to 46.5 in March. Economists were looking for a reading of 48.2, Bloomberg notes today.
Services slipped from 47.9 down to 46.5, while manufacturing dropped to 46.6 from 47.9 last month.
Estimates for growth in the region continue to differ; the European Central Bank sees contraction of 0.5 percent for 2013, while a survey of economists is looking for a 0.1 point dip in Q113 before the area returns to growth. The region has shown contraction over the last five quarters.
Should the situation in Cyprus continue, expect a few revisions not too far down the road. Currently, the tiny island nation has until Monday to raise billions, or risk losing a bailout which would lead to collapse in the country's banking system.
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