German Flash PMI At Three-Year Low

Markit reports on another of the hammers that hit the markets today,

Commenting on the Markit Flash Germany PMI® survey data, Tim Moore, Senior Economist at Markit said:
“Germany’s private sector economy slipped deeper into contraction territory at the midway point of the year, with output falling at the fastest pace since June 2009. German manufacturers were at the forefront of the downturn, as a worsening global economic backdrop and the ongoing euro crisis weighed heavily on export demand. Anxiety created by the run-up to the Greek election appears to have severely dented business sentiment, with the monthly drop in service sector confidence the greatest in 15 years of survey collection. While an impending ‘Drachmageddon’ scenario has been avoided, there nonetheless seems a deepening consensus among German businesses that the euro area turbulence has already damaged their growth prospects for the latter half of 2012.”

(click here if charts are not observable)

This entry was posted in Black Swan Watch, Economics, Germany and tagged , . Bookmark the permalink.

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