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You think our ISM report was bad?
Check out the Greek ISM, which has now come in sub-50 for 30 straight months, and which is now at a survey low of 37.7.
There's something remarkable you have to realize here, which is that to some extent, ISM reports are mean reverting. Eventually it gets hard for more companies to have sequential declines than in the month before, because you just get so some kind of floor in business.
So the deep declines month in and month out is staggering.
As The Economist's Ryan Avent puts it, this is "total collapse."
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See Also:
- A Complete Guide To Greece's Selective Default Next Month
- Greece's Future Could Be Decided On March 12
- Germany Approves €130 Billion Bailout For Greece
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