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PMI data suggest the recession in German manufacturing is worse than was thought

By Jim Edwards, for Insider

Apr 02, 2019

The German manufacturing sector "is clearly in deep recession" and is laying off workers, analysts said in notes Monday on data from the IHS Markit purchasing managers' index, a measure of sentiment among factory executives.

Monday's data shows that manufacturing is falling even faster than feared from estimates published a week or so ago. At the same time, unemployment in Italy has started to rise, up 0.6 percentage points since late last year to 10.7%, after years of decline.

The collapse of German manufacturing is being mirrored across the continent. The average for the eurozone — the 19 countries that use the euro currency — is now in negative territory. Of the four largest economies, only Spain is in positive territory.

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