The recession in the eurozone is getting worse. Despite an improvement in Germany, across the currency union as a whole, the latest survey of procurement managers revealed a further weakening of business activity, which has already been contracting for months. In September the PMI index (Purchasing managers index) it dropped to 45,9 points, against 46,3 points in August.
The expectations of analysts were disappointed, as they had predicted a slight improvement to 46,7 points. The level reached this month by the indicator is the lowest since June 2009, clearly lower than the longed-for "quota 50", which marks the border between expansion and contraction.
The economy has recorded a negative result in the private sector for the twelfth time in the last 13 months, notes Markit Economics - the company that calculates the PMI -, while chief economist Chris Williamson warns that the crisis has worsened considerably: the eurozone “recorded worst quarter in three years".
However, the situation is not homogeneous among the various sectors of reference. In detail, it went well for the sector manufacturing: the relative index improved to 46 points from 45,1 in August and against an estimate of 45,5, thus reaching the highs of the last six months.
Above all, the sector of goods was disappointing services, whose index collapsed to a 38-month low, 46 points, from 47,2 last month and against an expected improvement to 47,7.
In Germany business activity is closer to recovery, with a composite PMI index improving to 49,7 points from 47 in August.
In France on the other hand, in September the indicator suffered the greatest contraction in the last approximately 3 and a half years (April 2009), effectively accelerating the negative trend both in the manufacturing sector and as regards services: the relative PMI index in fact stood at 44,1 points against 48 in August.
