EU- recession phase has started ??

The Europe must have started into recession. After contraction in manufacturing last month services also entered into contraction phase. As per the latest data from the Euro zone, Services PMI dropped to 48.8 in September, following a 51.5 reading in August. It is the lowest reading since July 2009. September was also the first month since August 2009 where the index was below the neutral level of 50.0. So September month can mark the starting of recession. On QoQ basis, the recession seems to start from this new quarter i.e. 4^th quarter of the calendar year (Oct- Dec).  It doesn't seem like any seasonal impact, but a board economic change.  Waiting to see how US unfolds……