Tuesday, a report from the Centre for Economic Policy Research, or CEPR, showed that the Eurozone fell into recession since the beginning of 2008.
Economic activity in the euro area peaked in the first quarter of 2008, putting an end to an expansion that began in the third quarter of 1993 and lasted 57 quarters.
Harald Uhlig, chair of the Euro Area Business Cycle Dating Committee said, GDP peaked in the first quarter of 2008, while employment continued to rise into the second quarter.
The second quarter rise and third quarter fall in employment were small, and we wanted to be certain this was a decline and not merely a short-term fluctuation in employment.
The CEPR report showed that the Eurozone recession and the recession in the U.S. has no clear lead-lag relationship. Indeed, the last time the US went into recession in 2001, the euro area did not.
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