Is Europe Recovering?
marzo 21, 2013 § Deja un comentario
Even Greece Exports Rise in Europe’s 11% Jobless Recovery
Europe’s crisis-torn nations are paving an escape route to recovery.
From Ireland to Spain, the austerity demanded by policy makers in exchange for aid amid three years of debt woes is starting to deliver the competitiveness needed to restore economic growth even as the turmoil risks reigniting in Cyprus.
At the price of a doubling in unemployment and near-10 percent plunge in labor costs, the so-called peripheral euro nations are reviving manufacturing and trade. In Spain, exports reached a record 222.6 billion euros ($287 billion) in 2012. PSA Peugeot Citroen (UG) is hiring there and in Portugal.
And in the mean time…
Eurozone downturn intensifies for second month running in March
Flash Eurozone PMI Composite Output Index(1) at 46.5 (47.9 in February). Four-month low.
- Flash Eurozone Services PMI Activity Index(2) at 46.5 (47.9 in February). Five-month low.
- Flash Eurozone Manufacturing PMI(3) at 46.6 (47.9 in February). Three-month low.
- Flash Eurozone Manufacturing PMI Output Index(4) at 46.5 (47.8 in February). Three-month low.
Data collected 12-20 March.
The Markit Eurozone PMI® Composite Output Index fell from 47.9 in February to 46.5 in March, according to the flash estimate. The decline signalled an acceleration in the rate of contraction of business activity for the second consecutive month to the steepest experienced for four months. With the exception of a marginal increase in January of last year, business activity has fallen continually since September 2011. Manufacturing output fell in March at the fastest rate since December, while business activity in the service sector suffered the steepest decline since October.
Companies also reported that new business levels fell at the strongest rate for three months, dropping at the fastest rates since December and September in manufacturing and services respectively. Employment fell for the fifteenth successive month, reflecting the need to reduce capacity in line with the ongoing deterioration in inflows of new orders and a further marked decline in backlogs of uncompleted orders. The rate of job losses eased slightly for the second month in a row, and was broadly in line with the average seen throughout last year. Rates of job losses eased in both manufacturing and services.