WALL STREET JOURNAL: Business activity in the euro zone continued to shrink in July and new orders plunged, suggesting the 17-nation economy is heading for recession and any recovery is a distant prospect.
German private-sector activity fell at its steepest rate in more than three years, a sign that Europe’s debt crisis is taking its toll on the region’s biggest economy and main source of financial support.
The final composite purchasing managers’ index for the euro zone was 46.5 in July from 46.4 in June, Markit Economics said Friday. That means activity shrank markedly month-to-month, but at a slightly slower pace than the previous month. A reading below 50 indicates contraction… (more)
