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Chart of the Day: European Manufacturing PMIs show weakness

The data out of Europe today are grim. Marc Chandler gave a quick summary this morning:

· Euro area mfg PMI 45.0 in May vs 46.0 in April

· Euro area non-mfg PMI46.5 vs 47.9

· German mfg PMI 45 vs 46.3

· German non-mfg PMI 52.5 vs 52.6

· French mfg PMI 44.4 vs 46.9

· French non-mfg 45.2 vs 45.2

· German May IFO 106.9 vs 109.9

· UK Q1 GDP -0.3% vs -0.1% initial estimate

Here’s a chart via Bloomberg that gives the overall picture. The data are poor in all regions including Germany and France.

Markit, which collects the data, says that the latest PMIs are consistent with GDP in Europe contracting 0.5% this quarter.

About 

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.

1 Comment

  1. The problems in the eurozone could cause a worldwide recession. Europe is already in a recession things appears to be getting much worse. The only thing that the united states has going for it is we seem to be in somewhat better shape than the european union.