TODAY’S PMI readings for Europe are showing the economic trainwreck on full display.
Remember, a PMI reading is a gauge of a country’s manufacturing sector. Anything below 50 is contraction.
Spain has just fallen from 46.8 to 44.2.
But they’re not alone this morning.
Ireland has come out with an ugly number as well.
Remember, Ireland has been one of the standout stories for Europe. It has done the best job getting its borrowing costs down, and regaining market confidence. And its economy has done well.
But now it’s wilting.
For March, its PMI fell from 51.5 to 48.6, a sign of a severe quick downturn.
Here’s the general story, from Markit: