European PMIs – Diverging fortunes of Services and Manufacturing
Manufacturing in Germany seems to
finally be making solid gains after a long period of stagnation. Of
course, it is recovering from a very low level but nonetheless it is a welcome
sign for many European trade partners that supply the German industrial engine.
French economy is losing steam. A sharp
rise in new covid-19 cases and reintroduction of more restrictions affected the
service economy negatively, as expected. The negative reading confirms
suspicion that path to recovery is going to be long and windy. Fortunately, the
drop does not resemble spring whatsoever.
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