Global recession deepens in 2012? Europe continues its decline, China gets tired

Preliminary PMI surveys show that Eurozone moved into the third consecutive month of contraction of economic activity, while China is facing the biggest downturn of the factories in the last 32 months.

Eurozone economy is for the third consecutive month in contraction and danger for Europe to sink back into recession rises to highest level since 2009.

Purchasing Managers Index (PMI) increased in november 2011 to 47.2 points from 46.5 in october. However that is still under contraction magic limit of 50. As a general rule, lower the number, worse the economy.

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It looks like only Germany goes a bit better, amid the revival of activity in the services sector, which counterbalanced the decline in the industry. The decline in France was slower, but not enough to reduce the risk of contraction of GDP in the fourth quarter. The other economies in the euro zone go strongly down.

Euro crisis now threatens China, where factories shows the greatest decline in the last 32 months. According to preliminary data, HSBC PMI index for manufacturing sector fell to 48 in November from 51 the previous month. Production crashed down to 46.7 from 51.4 points. HSBC analysts say the growth of industrial production will be reduced to 11-12% per year (from 14% today), and falling inflation leaves the Chinese authorities to come up with new incentives, to help economy to avoid a forced landing and rather go for a smoother one. A growth of less than 8% is potentially disastrous for China, if sticks with the current model.