The Spanish Manufacturing PMI index is out, and it’s ugly.
Here’s the chart:
All they key points are bad.
At 44.5, this is the worst reading in 11 months. Download the full report here from Markit.
Spain has risen in the last few months to be the #1 worry in the Eurozone.
Like Greece before it, the new government has had to revise upward the country’s debt to GDP figures. And they’re probably still being understated.
What’s more, with the economy collapsing, the GDP part of debt/GDP is looking smaller than was expected making the ratio even worse. It has the potential of being Europe’s first real trainwreck.
Anyway, this latest datapoint is part of global PMI day, as we’re getting readings from everyone. Check out a full update on this post.