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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Matt Stoller</author_name><author_url>https://www.nakedcapitalism.com/author/matt-stoller</author_url><title>The European Zombie Slouches On | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="1PgIdLsQKh"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/09/the-european-zombie-slouches-on.html"&gt;The European Zombie Slouches On&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/09/the-european-zombie-slouches-on.html/embed#?secret=1PgIdLsQKh" width="600" height="338" title="&#x201C;The European Zombie Slouches On&#x201D; &#x2014; naked capitalism" data-secret="1PgIdLsQKh" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By Delusional Economics, who is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from&#xA0;MacroBusiness.  Another night of Eurozone Production Management Index (PMI) data and the downward trend in activity continues as expected. This summary from Markit Economic&#x2019;s head economist: The final reading of the August PMI confirms that the Eurozone manufacturing sector remains firmly in contraction territory. The rate of decline was a little slower than in July, providing some heart that the manufacturing downturn may be easing, but the sector is on course to act as a drag on gross domestic product in the third quarter.  &#x201C;The national picture remains one of widespread contraction. Only Ireland saw manufacturing output rise, while larger nations like France and Germany remain in reverse gear. The situation in Italy is also becoming more of a cause for concern, as it falls further down the PMI league table.  &#x201C;The ongoing weakness is unsurprising given that Eurozone manufacturers and their clients are still in a largely defensive mode. The uncertainty and cost caution resulting from the currency union&#x2019;s ongoing political and debt crises are now being reinforced by softer global economic growth. This is hitting domestic markets, intra-area trade and overseas trade alike and is one of the main factors underlying the job losses and excess capacity signalled by the latest PMI survey.  &#x201C;The broader long-run issue is that the Eurozone product and labour markets are unlikely to show any real sustained improvement until regional structural issues are addressed and the broader global backdrop brightens.</description><thumbnail_url>http://www.nakedcapitalism.com/wp-content/uploads/2012/09/Global_PMI.jpeg</thumbnail_url></oembed>

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