Eurozone Manufacturing Contracted for Fifth Month
Reuters
Euro zone manufacturing downturn extends to 5th month: PMI
LONDON (Reuters) - Euro zone manufacturing activity declined for a fifth consecutive month in December, although at a slightly slower rate than November's 28-month record low, a survey showed on Monday, suggesting the decline would continue in the early months of 2012.
Markit's Eurozone Manufacturing Purchasing Managers' Index (PMI) rose slightly in December to 46.9 from November's 46.4, but marked its fifth month below the 50 mark that divides growth from contraction. It was unchanged from an earlier preliminary reading.
Survey compiler Markit said levels of production and new orders fell in all of the euro zone countries covered by the survey for the second month running.
"Despite the rate of decline easing slightly in December, production appears to have been collapsing across the single currency area at a quarterly rate of approximately 1.5 percent in the final quarter of 2011," said Chris Williamson, chief economist at Markit...
Meanwhile for December, China's manufacturing barely eked out an expansion for the month after contracting the month before, and South Korea reported its largest drop in manufacturing since early 09.
Recession Journal
S. Korea manufacturing shrinks most in 3 years
Not a great signal for the global economy turning the page on 2007-2011:
SEOUL (Reuters) - South Korea's manufacturing sector shrank the most in nearly three years in December as global demand cooled, a survey showed on Monday, South Korea's manufacturing sector shrank the most in nearly three years in December as global demand cooled, a survey showed on Monday, but President Lee Myung-bak cited inflation as a bigger risk in a year of big elections.
Lee admitted in a televised new year speech that the global economy has entered a period of prolonged low growth but said fighting rising prices was still his top policy priority as the poor suffer from high living costs.
"The waves (of economic difficulty) will likely be much higher this year. The global economy is not in a temporary slump but has entered a new era of low growth," ...
Investment Postcards from Cape Town
China’s manufacturing PMI rebounds
The CFLP Manufacturing PMI rebounded to 50.3 in December after falling to 49.0 in November from 50.3 in October. The fall in November was particularly worrying as the month is normally a relatively strong seasonal month. On the other hand, December is normally a weaker month from a seasonal point of view and the rebound was therefore unexpected...
