Although the Purchasing Managers’ Index -PMI (An indicator of the economic health of the manufacturing sector) fell to 51.7 from 51.9, it beat expectations considering it was expected to fall below 50. At a quick glance Spain seemed to be rebounding from its recession as the service sector showed growth.
However, the actual picture is different. The PMI of France fell to an all-time low of 48 while Italy’s worsened to 48.8. There is also some split in the Eurozone with some countries improving and some worsening. Retail sales fell by a tiny amount. Overall the Eurozone shrank by 0.4%