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Europe Seeks to Avoid Double-Dip Recession as Chinese Manufacturing Falters

Chinese manufacturing is down as Europe tries to avoid a double-dip recession.

Global markets, particularly those in Europe, are still shaky and talk of a double-dip recession is on the lips of many with executive jobs. Recently, Chartered Global Management Accounting Magazine looked at some of the economic conditions across the world.

Two meetings have been scheduled for September 6, one with British economic policy makers and one with members of the European Central Bank, the source said. Britain has officially entered a second recession following three consecutive quarters of economic contraction, and eurozone finance officials are hoping to avoid a similar fate. After a lackluster first quarter, the European Union saw its collective GDP drop 0.2 percent, according to CGMA.

Farther east in China, manufacturing has hit its lowest point in nearly a year. The country's purchasing manager's index, which measures factory activity, fell to 47.8 on lower export orders and a surplus of inventory, CGMA said; a score of lower than 50 on the index indicates contraction. The main driver of this trend is a slowdown in consumption from Europe.

In the United States, meanwhile, all eyes are on the soon-to-be-released Employment Situation Report from the Bureau of Labor Statistics. The nation's unemployment rate ticked upward from April to July, and the report will help shape the debate over jobs as the presidential election season carries on into November.

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