John Ward – Euroblown : Hurrah For Fresh Thinking And Action Today! – 2 May 2012

Unemployment across the 17 countries that use the euro rose to 10.9% in March, the highest level since the euro’s launch

Eurozone final manufacturing PMI came in at 45.9 vs. 46.0 expected,down from 47.7 in March. It’s a 34-month low.

Germany’s labour agency said the country’s unemployment rate was ‘only’ 7% in April thanks to a traditional springtime upturn

German PMI manufacturing came in at 46.2 in April vs. 46.3 expected and 48.4 previous. It’s a 33-month low.

The strategy is clearly wrong, and there needs to be more urgency. So here’s two things from today to reassure us:

The head of the Eurogroup of eurozone finance ministers, Jean-Claude Juncker, is supporting German Finance Minister Wolfgang Schäuble to take over the post in July, a press report said on Tuesday. Oh dear.

The Brussels clarion call re upping the pace is, ‘we are taking it very seriously’. Oh dear oh dear oh dear.

Things hotting up inside Goldman Sachs….more to follow soon.

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