Greece Backslides

This morning we’ve been getting manufacturing data from across Europe.

Here’s a summary of it:

Overall it’s a mixed bag, but the one country that’s returned to contraction, unfortunately, is Greece, which only recently managed to return to growth and get a nostril above water.

Here’s a quick look at the Greek-specific report:

Of course it’s just one month, but when you’re coming off of such a depressed state as Greece, you want to see non-stop rebounding, not halting jagged moves that reverse once you start to see any gains.

All of the internals were weak on this number, and manufacturers cited cash flow issues as being problematic in the month

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