Europe continues to struggle. In November, private sector economic activity in the euro zone continued to shrink, albeit at a slower pace than in October.
The comprehensive Purchasing Managers’ Index, or PMI, rose from 46.5 to 47 in November. Readings above 50 indicate growth, and below 50 signifies contraction.
The slowdown finally reached Germany, as the private sector contraction was the first in over two years. Germany’s PMI moved in the wrong direction, falling from 50.3, barely growing, to a slowing of 49.4 in November.
The rest of Europe isn’t faring as well:
The result is a meeting scheduled to take place in Paris today between Angela Merkel and Nicolas Sarkozy to attempt to achieve fiscal unity and boost hopes for Europe’s two largest economies.