Eurozone Manufacturing PMI Hits 34 Month Low; German Manufacturing Hits 33 Month Low; Orders Drop Steeply Across the Board

Eurozone Manufacturing PMI Hits 34 Month Low; German Manufacturing Hits 33 Month Low; Orders Drop Steeply Across the Board

from Mish's Global Economic Trend Analysis by noreply@blogger.com (Mike Mish Shedlock)

Today, European data shattered two long held beliefs by Markit and in general, unthinking economists everywhere.

Shattered Myths

• European recession would be mild
• Germany would continue to diverge from the rest of Europe

Markit reports Eurozone sees stronger rate of decline at start of second quarter