Austria points the way

I've talked before about how entrepôt regions or cities reflect the economies of the regions and countries they service.   Austria is linked into all its surrounding economies, and faithfully reflects economic shifts in them.  It's a classic entrepôt region.  So a continued decline in Austria's PMI points very clearly towards continued European recession.   (We have the preliminary PMI for Europe, which is down, but not the final figure, which won't be released until June 3rd) 

We're heading back to the lows of the Euro crisi in 2012.  Only this time, there's no crisis.  Not good.