You Know, We Might Be Looking At Another European Recession Already

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Just to give us a bit more information on how well the European Union works. It’s entirely possible that we’re looking at another recession over there already. Yes, fair enough, this is a couple of indicators, no more, but, you know, some of them matter.

And wouldn’t it be just a glorious justification of the euro if it managed to go back into recession without having really left the last one?

Germany’s manufacturing sector remained stuck contraction in May, according to the latest PMI® data from IHS Markit and BME. Though rates of decline in output and new orders eased, employment fell the most in almost six-and-a-half years. A sustained decline in demand for inputs meanwhile contributed to a fall in purchasing costs for the first time in nearly three years and the most marked improvement in supplier delivery times since the global financial crisis. May saw the headline IHS Markit/BME Germany Manufacturing PMI – a single-figure snapshot of the performance of the manufacturing economy – register 44.3, down fractionally from 44.4 in April and one of its lowest readings since mid-2012. The fall in the PMI reflected the employment, stocks of purchases and supplier delivery times components.

But that’s Germany, what about the wider eurozone?

By nation, Germany continued to endure the sharpest deterioration in manufacturing operating conditions, with its respective PMI again signaling a marked rate of contraction. Austria saw the health of its manufacturing economy deteriorate to the greatest degree for over four years. Italy’s PMI also remained below 50.0, albeit only slightly. Only marginal growth was seen in France and Spain. Greece remained the best-performing country in terms of manufacturing expansion. Underperformance of the region’s manufacturing sector continued to be closely linked to deteriorating order books. Latest data showed an eighth successive monthly fall in new work received. Panelists reported falling demand both at home and abroad – as highlighted by another solid (albeit slower) fall in new export orders during May.

Gosh, shouldn’t we be so grateful to that European Union system? We’re in the middle of one of the greatest technological revolutions ever to have hit the human race and the federasts have managed to cook things so that we don’t even see any economic growth from it.

Well Done!

It’s not why are we leaving but why is anyone stupid enough to stay?

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