Austria's PMI falls again

 As I've commented before, Austria is an entrepôt economy, at the centre of Europe.  If Austria's PMI falls, it's pretty likely that this reflects weakness in Europe as a whole.  We have Austria's April PMI (down) and Europe's provisional (flash) PMI for April (also down).  I've no doubt that the final PMI for Europe will confirm the provisional estimate.  The brief rebound is over (though not in services, not yet).

Europe makes up ±18% of the world's GDP.   The other biggies are the USA (21%) and China (these days, prolly ±15%, though the data are rubbery---I need to revise the weights I use.)  China's post-covid rebound appears to be fizzling.

Click on chart to see clearer image.