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.
But check out the youth unemployment column for February, and see the cell we’ve highlighted for Spain.
As you can see at the very bottom of the same column, the comprable figure in the US is 16.5%.
Meanwhile, the economy is shrinking furiously, and the government is cutting spending aggressively.