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Euro-zone Manufacturing PMI Improves to 42.4

Nick Nasad \ 12:12 PM EST \ June 24th, 2009
nnasad

The services PMI held around its level from May, inching down to 44.5 for June, preliminary data showed. Germany’s PMI slid to 44.3 from 46 in May.  Though the Euro-zone economy seems to be stabilizing following a sharp contraction in the 1st quarter, return to actual growth may still be several quarters away. The ECB has lowered rates to a record low, and has announced that it will be willing to start buying covered bonds in an attempt to stimulate the economy.

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