For the European economy, the September economic data looks mediocre at best.
And that’s a bit worrisome, given that starting this summer there were signs that Europe was starting to turn the corner and grow again. Is the recovery already fizzling?
Today’s manufacturing PMI data was soggy across the board.
France remains in contraction.
Meanwhile, there’s some fresh employment data that’s also cause for worry.
The Italian unemployment rate came in at 12.2% vs expectations of 12.0%, per ForexLive.
German jobless claims also rose in September vs. expectations of a drop.
None of this is decisively bad. But taken together it paints a picture of a halting recovery at best.