NEW data on manufacturing conditions across much of the world are out today, and the figures are just brutal. Things look particularly grim for the euro area, as the chart at right shows (a reading below 50 indicates contraction). It's a shame Ireland's economy is only 2% or so of euro-area GDP. Manufacturing activity for the euro area as a whole is down to its lowest level since mid-2009, and weakness in new orders suggests more trouble is ahead.
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