It’s really hard to imagine that Europe is not right now in a recession.
Fresh ISM Services data shows that the continent’s situation is quite grim.
In Italy, the ISM Services fell to 43.9, the fastest contraction since summer 2009, according to Markit.
In Spain, the number fell to 41.8.
This chart from Markit shows combined ISM numbers vs. GDP.
Doesn’t take a rocket scientist to see which way Italian GDP is going next.