It
extends to the recession in the fourth quarter in economic sentiment in
the euro zone eight consecutive months of decline, the lowest for more
than three years in October, an increase of signs.
Executive
director of the consumer confidence index in the 17 - nation euro area
fell to 84.5 index from 85.2 in September, the European Commission said
in Brussels. This is the lowest level since August 2009. Economists expected a drop to 84.4 average in a Bloomberg News survey of 27 estimates.
The
European economy could contract in the third quarter continued to
contract by 0.2% in the last three months, the first time since the 2009
recession. With
austerity measures across the euro area, damaging the confidence of
consumers and businesses, the unemployment rate reached a record ECB
last month cut its economic growth forecast for the eurozone in 2013. Economists forecast the unemployment rate in Germany increased twice more than in October, today's report shows.
"In
the euro zone economic confidence index drops in October to strengthen
the region's recession may deepen and expand care, said:" ING Groep NV
in Amsterdam economist Martin Van Vliet. Continued
tightening of fiscal policy, the global economic slowdown and the lack
of decisive action to resolve the crisis continue to wreak havoc. 'Unemployment in Germany
The
euro rose 3% in the past two months, after European leaders to step up
their response to the crisis and the European Central Bank's commitment
to buy bonds of troubled countries, if they need outside help. European Currency trading $ 1.2953 at 11:36 am on the day in Brussels, with an increase of 0.4%.
Governments may be difficult to meet its budgetary targets, at least five euro zone economies in recession and cooling. The
euro zone services and manufacturing output shrinking and unemployment
remained since the series began in August data from 1995, to 11.4%.
In
Germany, Europe's biggest economy, increasing the number of people
losing their jobs, seasonally adjusted 20,000 in September to $ 294
million, the Federal Labour Office in Nuremberg said today. Economists had expected revenue estimated at 10 000 31 Bloomberg survey median. The adjusted unemployment rate remained at 6.9%."Stronger"
Displays the report today, the mood of European manufacturers, the measure fell at minus 18 from minus 15.9 in September. An
indicator of confidence in the service, down from 11.9 negative to
negative 12.1, while the index of consumer sentiment rose to 25.7 from
minus minus 25.9. The confidence index in the construction sector also declined compared to the previous month.
Last
week, the largest car manufacturer in Europe, based in Wolfsburg,
Germany, Volkswagen AG (Volkswagen AG) (VOW), weaker demand in operating
income was reduced from nine months. German
sporting goods maker Puma SE (PUM), said earlier this month, plans to
cut costs and the world's largest luxury goods maker LVMH Moet Hennessy
Louis Vuitton SA (MC), known as the "environment" tougher ".
In
Valhalla, Carl Weinberg, chief economist at High Frequency Economics in
New York, said: "We are looking for an indicator of southern Europe,"
Kathleen Hays on Bloomberg Radio on October 24. "More like Europe to the Great Depression," more than any other economic cycle, we have seen the events in our lives. "Capacity utilization
Today's
report shows, is a measure of the production of euro zone manufacturers
are expected to decline to less than minus 10.2 in November. An
indicator of the order of the books fell to minus 34.9 from minus 30.5,
while employment expectations index also decreased compared to the
previous month.
Indicators capacity utilization rate of production of a 76.8%, 77.9% was reduced in the previous quarterly survey. Data were collected in January, April, July and October. A
separate indicators will be considered to ensure the production of 3.1
orders in hand, from the quarterly survey results above show the same
number of months. This is from 3.3 last year.
The
ECB said in its September 6 quarterly forecast, the euro zone economy
is likely to grow by 0.5% next year, in June, half the pace expected. International Monetary Fund (IMF) last month cut its 2013 economic growth forecast from 0.7% to 0.2%. The two institutions that the contraction of the economy this year.ECB plan
The
Frankfurt-based bank has cut the central borrowing costs hit a record
of more than 1 billion euros (about $ 13 billion) of cheap money flooded
the banking system to withstand the credit crisis. The
details of the bonus program Infinity announced last month by the
president of the ECB, Mario Draghi, to combat the financial crisis.
However,
the packages Juckes, head of research at Societe Generale bank in
London said that some of the economic difficulties that banks in the
region. While
living bloated balance can be with the help of cheap finance funding,
and the European Central Bank loans, they still can not sell shares or
become more healthy, "he said.
He
said: "They can not get loans for economic growth, so we have no growth
and continue to raise taxes and cut public spending, Tom Keene on
Bloomberg Radio" Bloomberg monitoring This is an extremely make "October
24 ". disappointing results. '
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