Manufacturing PMIs in Central Europe have weakened significantly over the past couple of months as the economic outlook has darkened. The one crumb of comfort, however, is that they have not fallen as far or as fast as the German surveys, which have plummeted. This begs the question: has the region’s manufacturing decoupled from the euro-zone? We don’t think so. In fact, we think the region’s industrial sector is likely to spend most of the next year in recession.
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