Eurozone will enter recession in Q3 - PMI data

The eurozone will fall back into recession in the third quarter, posting a 0.5%-0.6% contraction, PMI data has estimated.

The Markit Flash Eurozone PMI Composite Output index outlined new manufacturing orders declined for a thirteen consecutive month in August, measured at 46.6 in August, compared with 46.5 in July. The survey added a score below 50 indicates Europe's economy will fall into recession in the third quarter. Rob Dobson, senior economist at Markit, said the survey's readings suggest GDP will fall 0.5%-0.6% across the eurozone in the third quarter, unless there is a considerable uplift in new manufacturing orders being placed in September. "The August Markit Eurozone Flash PMI reinforces t...