Euro area leading growth indicator from Banca d'Italia and CEPR has posted eleventh consecutive monthly contraction in August, reaching -0.33 from -0.24 in July. This marks the worst reading for eurocoin since July 2009. 2008-2009 average was -0.31, so the current reading is worse than average for the first wave of the crisis.
A year ago, the indicator stood at +0.22, implying a growth swing of 2.1-2.3% annual.
3moMA indicator is now at -0.25, annual expected rate of decline is at -1.3%.
Charts to illustrate: