This Great Graphic comes from Markit Economics, which compiles many of the purchasing manager surveys. The chart shows the composite euro area PMI and GDP. It is not a perfect match, but is does seem to get the direction.
The weakness in the composite PMI warns that the economic downturn in the euro area is set to continue. The ECB had expected a gradual recovery, but the recent data suggests it too will be disappointed--not enough to cut rates today--but with price pressures easing and poor real sector, look for Draghi to keep the door open.
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