Manufacturing slows as global recovery dips

Manufacturing growth across Asia, Europe and the Americas eased in November as heavy price cutting failed to revive demand, surveys showed yesterday, providing more evidence that a feeble global economic recovery may be grinding to a halt.

Worryingly for policymakers at the European Central Bank, who are struggling to bolster growth and drive up dangerously low inflation, factory activity declined in the eurozone’s three biggest economies: Germany, France and Italy.

“The concern is the ongoing lack of any real growth in the eurozone. We are dealing with very low price pressures, and when that comes with weak growth, like in the eurozone, it raises concerns,” TD Securities head of global strategy, Richard Kelly, said.