Eurozone headed for 2nd recession in 3 years, private sector contracts for 7th consecutive month-BBC

.
8/23/12, "Eurozone PMI data 'points to new recession'," BBC

"The eurozone's economy is set to contract by 0.5%-0.6% in the July to September quarter, tipping it into its second recession in three years, a closely-watched survey suggests.

The Markit Flash Eurozone PMI Composite Output Index, which measures new orders in manufacturing and services, was 46.6 in August, compared with 46.5 in July.

A score below 50 indicates contraction.

Output declined in both the manufacturing and services sectors, Markit said in a statement.

This is the seventh consecutive month of contraction in the eurozone's private sector....

Even Germany, the eurozone's strongest economy, showed an accelerating decline in output, with its Composite Output Index falling to a 38-month low of 47.0, down from 47.5 in July."...

.