PMI week: Europe's getting wrecked

If a rising tide floats all boats, then Europe is trapped in a whirlpool.

The manufacturing sector is contracting across Europe, if the latest PMIs are correct. The indices, which measure activity in various sectors through surveys with purchasing managers, are set such that a value of 50 indicates no change; less than 50 shows contraction; and more than 50 shows growth. With that in mind, these numbers do not look good:

  • Spain: dropped to 44.2 in March, from 46.8 in the previous month.
  • France: fell to a seven-month low of 44.5, from February’s mark of 45.8.
  • Italy: inched up to a three-month high of 44.0, from 43.9 in February.
  • Eurozone overall: 46.8, down from 47.9 in February… fell to reach a three-month low and has now remained below the neutral 50.0 mark since August 2011.

The Eurozone's history is stark:

But the most stunning chart is the one which shows the recent history of manufacturing across Europe. It isn't good:

The best possible explanation for this would be that, coming off the back of the great recession and in the midst of a continent wide crisis, Europe is also experiencing a sectoral shift, pushing people out of manufacturing work and into other sectors of the economy. That way, an end is in sight – and it could even be an improvement on where the continent was before.

Unfortunately, that doesn't seem likely. Even Germany is seeing a contraction in manufacturing, and that's hardly a nation we commonly think of as needing a rebalancing away from its great strength. Instead, it just reinforces that the European crisis, even as eyes are focused on Cyprus, is hitting the entire continent. There are still some unbearable differences between nations – the German youth unemployment rate is 7.7 per cent compared to a Greek rate of 58.4 per cent – but if a rising tide floats all boats, then Europe is trapped in a whirlpool, and the fleet's getting wrecked.

Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

YouTube screengrab
Show Hide image

“Trembling, shaking / Oh, my heart is aching”: the EU out campaign song will give you chills

But not in a good way.

You know the story. Some old guys with vague dreams of empire want Britain to leave the European Union. They’ve been kicking up such a big fuss over the past few years that the government is letting the public decide.

And what is it that sways a largely politically indifferent electorate? Strikes hope in their hearts for a mildly less bureaucratic yet dangerously human rights-free future? An anthem, of course!

Originally by Carly You’re so Vain Simon, this is the song the Leave.EU campaign (Nigel Farage’s chosen group) has chosen. It is performed by the singer Antonia Suñer, for whom freedom from the technofederalists couldn’t come any suñer.

Here are the lyrics, of which your mole has done a close reading. But essentially it’s just nature imagery with fascist undertones and some heartburn.

"Let the river run

"Let all the dreamers

"Wake the nation.

"Come, the new Jerusalem."

Don’t use a river metaphor in anything political, unless you actively want to evoke Enoch Powell. Also, Jerusalem? That’s a bit... strong, isn’t it? Heavy connotations of being a little bit too Englandy.

"Silver cities rise,

"The morning lights,

"The streets that meet them,

"And sirens call them on

"With a song."

Sirens and streets. Doesn’t sound like a wholly un-authoritarian view of the UK’s EU-free future to me.

"It’s asking for the taking,

"Trembling, shaking,

"Oh, my heart is aching."

A reference to the elderly nature of many of the UK’s eurosceptics, perhaps?

"We’re coming to the edge,

"Running on the water,

"Coming through the fog,

"Your sons and daughters."

I feel like this is something to do with the hosepipe ban.

"We the great and small,

"Stand on a star,

"And blaze a trail of desire,

"Through the dark’ning dawn."

Everyone will have to speak this kind of English in the new Jerusalem, m'lady, oft with shorten’d words which will leave you feeling cringéd.

"It’s asking for the taking.

"Come run with me now,

"The sky is the colour of blue,

"You’ve never even seen,

"In the eyes of your lover."

I think this means: no one has ever loved anyone with the same colour eyes as the EU flag.

I'm a mole, innit.