Euro Zone Manufacturing Slumps; Recession Looms As Factory Activity Shrinks Further
- Euro zone manufacturing PMI was 44.4 in December, below 50 mark indicating contraction
- Output index dipped to 44.4, pointing to likely GDP contraction in Q4
- Recession likely as Q3 GDP fell 0.1% and two quarters of contraction defines recession
- New orders decline eased slightly but remained in contraction below 50
- Factories cut headcount for seventh straight month