Euro Crisis : New Depressing Data

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Gloomy euro news was in no short supply this morning, backed up by official data.

Spain looked to be on the brink of a Moody’s downgrade, while Greek state broadcaster Net TV claimed the country’s economy could contract by 3.8 per cent next year –  a much more desperate picture than the “flatline” the European Commission had previously predicted.

Meanwhile, new data showed the number of unemployed in Europe is now over 25 million  – with over 18 million residing in nations within the troubled eurozone.

Youth rates in Greece and Spain during July and August were particularly high –  55.4 and 52.9 per cent respectively, according to Eurostat.

Manufacturing data across the zone was no less depressing. Markit’s headline purchasing manager’s index, (PMI) fell to 42.7 last month, from 46 in August, the lowest result since April 2009.







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