Friday, December 28, 2012

Economic indicators out of Europe very bad sign heading into 2013

"Alarming data": 30,000 lost jobs in France in November, "steep downturn" in retail sales in Italy and Germany

From Eric Dondero:

As Americans are mired in the final days of the fiscal cliff battle, Europeans are looking at some horribly bleak new numbers just released. New economic data shows consumer spending way down, companies downsizing, and prospects for job growth in the toilet.

From France24, Outlook bleak as Hollande hails 2013 'battle for jobs':
figures released Thursday show a rise in the jobless rate for the nineteenth consecutive month – and the forecast is for worse to come.

France's faltering economy shed a further 30,000 jobs in November, according to new figures released Thursday, pushing the unemployment rate to its highest level in almost 15 years.

The alarming data, although expected, is another blow to the country’s Socialist government and its president, who called earlier in the day for a collective “mobilisation” to deal with the ongoing employment crisis.
And there's this:
car giant PSA Peugot-Citroen, delayed the announcement of their much-feared redundancy plans until after last spring's elections. Mass job cuts are expected to continue into 2013.
And now this, released just minutes ago, from Global Economic Trend Analysis:
European PMI Retail Sales Collapse: Near-Record Drop in Italy Retail Sales; French Retail Sales Drop 9th Consecutive Month; Germany Retail Sales Back in Contraction...

The Markit Italy Retail PMI® shows Steep downturn in high street spending continues in December. Italy’s retail sector remained in a steep downturn in December, with sales dropping sharply according to both monthly and yearly measures.

The Markit Germany Retail PMI® shows Retail PMI hits lowest level for eight months.

1 comment:

Chuck said...

The "bright" spots going forward will be the places that enjoy zero economic growth. The rest of the country will go backward for the next four years.