• Prior 50.9
  • Manufacturing PMI 43.7 vs 42.6 expected
  • Prior 42.7
  • Composite PMI 47.0 vs 48.5 expected
  • Prior 48.6

The services and composite readings are at 30-month and 33-month lows respectively. That is the key thing to note as the euro area economy is slumping further in August. The ECB is going to have a tough job to balance out the narrative ahead of next month now. Days like these are the best meme days:

ECB meme