The bad news keeps coming for Europe’s economy, and if you’re in America resist the temptation to gloat. Data released Tuesday suggest that the eurozone is in a recession or soon will be, and the timing couldn’t be worse for the bloc of American allies and trading partners.
The composite purchasing managers’ index (PMI) released by S&P Global came in at 49.2, down from 49.9 the month before. Anything below 50 signifies a decline, so business activity has been falling for two months, and now is at an 18-month low. Service firms registered a barely expansionary 50.2, the lowest in 17 months, and manufacturing output at 46.5 is in recession territory despite some recent improvement.
