What started as a Greece problem is spreading its wings in the entire Euro zone in the following months. The Euro-zone Manufacturing Purchasing Managers Index (PMI) dropped to 45.9 during the last month from 47.7 in March and it is considered to be their lowest figure since the m The Beekeeping Bible onth of June 2009.
This is really a bad news for countries in the Euro-zone economy because the global manufacturing demand has picked up with output heavily increasing in the US and Asian economies. The crisis was hitting Italy, Spain and Greece hard, but now it has started hitting the German and French economies.
The fact is really something to get worried off in the field of manufacturing as the payrolls slashed at the fastest possible pace in the last two years.
What is more worrying is the fact that is being said by the economists. The Euro zone market will not be able to come out of this crisis quite easily and it will take quite some time to see that the economy has come out of recession.
Lots of people are losing their jobs in the manufacturing sector as the unemployment rate in this sector is supposed to be all time highest. Data available from Germany also showed that the largest economy of Europe, Germany is also shrinking in manufacturing and the case is also similar in the neighboring country of France. Unemployment in the Euro zone has got up to 10.9% in the month of March 2012. Most of these have happened by unemployment contributions by Spain and Italy.
The bulk of these orders have got shifted to China and India, where the manufacturing sector has witnessed a growth during the last year.