Bad weather and weak demand from the crisis-hit eurozone left Britain’s manufacturing sector contracting for a second successive month in March.
Despite a small pick-up in the monthly survey of industry from the Chartered Institute of Purchasing and Supply and Markit, the index of activity remained below the recession cut-off point of 50.
Courtesy of a Barclays Capital email here are the latest unemployment numbers in Europe.
Euro Area: +0.2 to 10.4% based on slight upward revisions in November, September, August. This was the 8th consecutive rise.
Austria 4.1% unchanged
Belgium: 7.2% unchanged
Finland 7.6% unchanged
France 9.9% +0.1
Germany: 5.5% -.1
Italy 8.9% +0.1
Ireland 14.5% +0.1
Netherlands 4.9% unchanged
Portugal 13.6% +0.4
Slovakia: 13.4% -.1 to
Spain 22.9% unchanged
The Markit Eurozone Composite PMI Final Data shows the Eurozone downturn accelerates.
Final Eurozone Composite Output Index: 47.9 (Flash 47.3, January 48.6)
Final Eurozone Services Business Activity Index: 47.9 (Flash 47.3, January 48.6)
Car sales are up in the UK, but down 10% on average in the EU. Overall sales, including the UK, are down for the 14th consecutive month.
From Google Translate Car sales plunge another 10% in Europe and UK only grows.
Markit Eurozone Services and Composite PMIs show renewed contraction due to drop in services activity, making it extremely difficult to deny that Europe is in a recession. Let's take a look at some numbers.
Markit Eurozone Composite PMI®
The ECB, IMF, EMU, and EU are on the verge of multiple emergency meeting, if indeed meetings are not already underway. A quick check of the following bond spread tables and today's yield action will explain.
Across the board, yields and spreads widened significantly today. Note in particular the jump in the 2-year bond yield of Belgium.
Sovereign Debt Table 10-Year Bonds