Eurozone S&P Service Final PMI: 48.8 (Forecast 48.9, Previous 48.9)

Euro zone unlikely to avoid recession as downturn deepens -PMI

Eurozone S&P Service Final PMI: 48.8 (Forecast 48.9, Previous 48.9)

A steepening drop in euro zone business activity last month will likely put paid to any hopes the currency union avoids recession, just as elevated inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term puts pressure on the European Central Bank to act, a survey showed.

"Any hopes of the euro zone avoiding recession are further dashed by the steepening drop in business activity signalled by the PMI," said Chris Williamson, chief business economist at S&P Global Market Intelligence.

"Not only is the survey pointing to a worsening economic downturn, but the inflation picture has also deteriorated, meaning policymakers face an increasing risk of a hard landing as they seek to rein in accelerating inflation."

Grim.

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