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The reality on the ground

The reality on the ground

Despite the positive progress made at the EU Summit last week, the reality of the eurozone crisis came back into focus yesterday with the latest unemployment and manufacturing PMI data releases. The region saw its weakest quarter in 3 years. In addition, unemployment has hit a new eurozone high of 11.1% adding impetus to expectations that the ECB will cut interest rates on Thursday.

UK manufacturers are still feeling the drag of the global slowdown as the PMI survey remained below the 50 expansion/contraction marker at 48.6, albeit up from May’s three year low of 45.9. New orders rose from 42.0 to 47.0 but the employment index fell for the second successive month. Overall, this is a move in the right direction but the situation is unlikely to see a significant improvement in the coming months.

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