(Reuters) – The euro zone probably slipped back into recession in the current quarter, according to business surveys on Wednesday that also showed Asia’s services sector growth remained muted in August as the global economy struggled to get its footing.
The Purchasing Managers’ Index (PMI) for the euro zone, published by Markit, showed the economic rot that began in smaller periphery members of the 17-nation bloc is now taking hold even in Germany, its largest and strongest economy.
“There is very little in the overall euro zone PMIs to suggest an imminent recovery. The figures are consistent with the economy returning to a technical recession,” said Philip Shaw at Investec.
“The overall levels of growth implied by the PMIs in Asia are stronger but it is pretty clear that the Asian economies are catching a cold from the economic woes being suffered elsewhere.”
The Asian Century Report 