September 12, 2008
Recession in EMU: Not if, but how long is the question
by Sebastian Dullien
This week, there were a number of new indicators that the euro area actually might already be in recession: For July, Eurostat reported another drop in industrial production and revised prior months' data downwards, leaving the July figure now 1.1 percent below the figure for Q2. Moreover, the unemployment rate has already increased by 0.2 percent in the second quarter and surveys point to increasing plans by the private sector to shed jobs over the coming months.