29/3/2013: Eurocoin signals 18th consecutive month of recession

Eurocoin leading indicator for euro area growth was out today. Key highlights:

• Eurocoin rose to -0.12 in March 2013 from -0.2 in February 2013. 
• Eurocoin remains below -0.03 reading attained in March 2012 and +0.57 reading for March 2011.
• 3mo MA is now at -0.183 which gives Q1 2013 growth forecast (q/q) or 0.18% for euro area GDP.
• This means that Eurocoin is now below zero in every month since September 2011, marking a massive 18 months in a row.
• In previous recession of 2008-2009 Eurocoin duration below zero was 13 months, which means that the current bout of economic contraction is longer in duration than the so-called Great Recession.
• In March 2013 Eurocoin gained some upside support solely from buoyant stock markets. 

Here are some charts:

And as usual, monetary policy charts for which analysis remains as postulated in my February post (here):