Survey finds eurozone economy teetering on the brink of another recession

Economic Indicators Associated Press

A closely watched survey shows that the 18-country eurozone is not far from sliding back into recession.

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Financial information company Markit says Wednesday that its purchasing managers' index, a broad gauge of activity across the manufacturing and services sectors, slipped a full point to a 16-month low of 51.1 in November. The index is also down on the initial estimate of 51.4.

The index still points to modest growth as it's above the 50 threshold between expansion and contraction. Markit estimates 0.1 percent growth in the fourth quarter.

Markit economist Chris Williamson says there's a "strong likelihood of the near-stagnation turning to renewed contraction in the New Year" and that "more aggressive measures are likely to be needed, and quickly implemented, if another recession is to be averted."