Monday, December 16, 2013

Not To Pick on France or Anything, BUT...

Important survey data out of Europe today points to a growing disparity between the region's two largest economies.  While the Eurozone and Germany both surpassed consensus estimates, France's flash PMI came in at a disappointing 47.1 (versus expectations for a small rise to 49.1 from last month's 48.4):

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Meanwhile, business confidence has stalled...

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Consumer confidence isn't showing much life...

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Unemployment continues to climb...

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While labor cost increases have dramatically outpaced those of Germany over the last two decades...

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Industrial production remains well below pre-recession levels...

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Exports are falling in the face of a rising euro...

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Debt as a percent of GDP shows no sign of slowing...

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And the CAC lags both the German and Swiss exchanges year to date-- not to mention stock markets in the GIPSIs...

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But, hey-- inflation doesn't appear to be much of a problem these days!

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