"We won't get an economic improvement anytime soon in Europe"
- Alexander Krueger, chief economist at Bankhaus Lampe KG
Euro area manufacturing contracted for a seventh consecutive month, said the Institute for Supply Management on Thursday. An index measuring manufacturing activity rose to 49 in February from 48.8 in January. Above 50.0 indicates industry expansion, below indicates contraction.
In a separate report, the European statistical bureau [Eurostat] said unemployment in the 17-member bloc edged higher to 10.7 per cent in January, the highest level since the establishment of a monetary union.
"We won't get an economic improvement anytime soon in Europe," said Alexander Krueger, chief economist at Bankhaus Lampe KG in Dusseldorf. "The first quarter will definitely be negative and there are concerns that we'll see a deeper or longer recession. Downside risks are prevailing."
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