- Chris Williamson, chief economist at Markit
Producer prices in the Eurozone's 17 countries that have the Euro in circulation shrank for the first time in five months, adding to concerns that the region's economy will not start to recover during the next several months. According to the report made by the European statistics office Eurostat, industrial producer prices fell 0.2% month-on-month in November compared to a 0.1% rise in the previous month, meeting analysts' expectations. On a yearly basis, producer prices advanced 2.1% in November, below expectations of a 2.4% gain, after climbing at a rate of 2.6% in the prior month.
"The euro zone manufacturing sector remained entrenched in a steep downturn at the end of the year. The region's recession therefore looks likely to have deepened, possibly quite significantly, in the final quarter," said Chris Williamson, chief economist at Markit.
"I remain confident that 2012 will go down in history as the year when it all turned," Erik Nielsen, London-based chief global economist at UniCredit SpA (UCG), wrote in a note to clients. "I wouldn't be surprised if the 2013 recovery turns out somewhat stronger than expected."
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