Earlier we talked about the Flash PMI reports out of the Eurozone, and how they showed the overall Eurozone economy hitting a 27-month high.
But of course there’s no one “Eurozone” and frequently we talk about a ‘core’ (Germany, France, etc.) and a periphery (Italy, Spain, Portugal, Greece), the latter of which have done much worse.
The good news is that the periphery is recovering.
Here’s a chart showing the employment picture in Germany, France, and the rest. As you can see, all are improving, but it was the rest of Europe that had the sharpest up-move in the latest reading.