Eurozone Manufacturing Activity Still in Decline

May 2, 2013 by Douglas A. McIntyre

EuroThe Markit Eurozone Manufacturing PMI report did not have a single good thing in it. Not only did the region’s activity contract, it also contracted in most of the eurozone’s largest nations by gross domestic product.

Along with a string of data about financial trouble, high unemployment, falling wages and labor unrest, the report will used by many proponents of austerity to prove their case. Europe needs stimulus to be lifted out of what could be the second deep recession in five years.

The Markit PMI report said:

Eurozone manufacturing started the second quarter of 2013 on a weak footing, with conditions in the sector deteriorating at the sharpest pace in the year-to-date.

At 46.7 in April, down slightly from 46.8 in March, the seasonally adjusted Markit Final Eurozone Manufacturing PMI signalled contraction for the twenty-first successive month — despite edging up from the earlier flash estimate of 46.5.

All of the national PMI indices signalled contraction in April. Rates of decline accelerated in Germany, Ireland and Austria, but eased in France, Italy, Spain, the Netherlands and Greece. The four worst performing nations nonetheless remained France, Italy, Greece and Spain

The fact that France could be mentioned in the same sentence as Greece and Spain is the most unsettling of all the data.

Sponsored: Want to Retire Early? Here’s a Great First Step

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.