Tuesday, March 5, 2013

Eurozone factory activity continues to decline...

 Eurozone Manufacturing PMI again contracted in February, although it was unchanged from January at 47.9 as Germany stabilized but as all other countries except Ireland declined. "The combination of a revival in export orders and resilient domestic demand has helped propel Germany’s growth so far this year, while deteriorating domestic demand is holding back the economies of France, Italy and Spain,". Mean while, The eurozone's jobless rate increased to yet another record of 11.9% in January from 11.8% in December and vs expectations of 11.8%. The number of people without a job rose by 201,000 on month to just under 19M. Youth unemployment was 24.2%, with the figure in Spain more than double that at 55.5%.