Wednesday, May 15, 2013

Misc: Euro-zone Recession Continues, NY Fed Mfg Survey shows contraction, PPI Declines Sharply

by Bill McBride on 5/15/2013 08:36:00 AM

• From the BBC: Eurozone recession continues into sixth quarter

The recession across the 17-nation eurozone has continued into a sixth quarter, figures show.

The bloc's economy shrank by 0.2% between January and March, according to official figures. ...

The figure marks the longest recession since the euro was launched in 1999.

It was worse than the 0.1% fall expected by economists ...
The beatings will continue until morale improves ...

• From the NY Fed: Empire State Manufacturing Survey
The May 2013 Empire State Manufacturing Survey indicates that conditions for New York manufacturers declined marginally. The general business conditions index fell four points to -1.4, its first negative reading since January. The new orders index also edged into negative territory, and the shipments index fell to zero. ... Employment indexes were mixed, showing both a modest increase in the number of employees and a slight decline in the length of the average workweek.
This was below the consensus forecast of a 3.75 reading.

• BLS reports:
The Producer Price Index for finished goods decreased 0.7 percent in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. ... The index for finished goods less foods and energy inched up 0.1 percent in April following increases of 0.2 percent in each of the previous four months.

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