2008-05-25 — blogspot.com
According to sources Friday, the preliminary estimate of the Purchasing Managers Index for the euro zone's services sector fell to 50.6 in May from 52.0 in April. The reading fell far short of market expectations, and hasn't been lower for four and a half years.
The PMI is a diffusion index. Anything under 50 is contraction. The PMI appears poised to contract in the next month or two led by services. My belief is the EU is headed for recession, following the US with a lag.
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