Spain Is On A Tear

The fates of various peripheral European economies continue to differ wildly in this post-crisis era.

As we wrote earlier, Greece continues to show signs of deep weakness, with its March PMI manufacturing report already backsliding from a month earlier.

The flipside is Spain, whose economy is on a gigantic tear.

The chart is making a very nice V-formation, and the index is now at its highest level in nearly 4 years.

Within the survey, there was a sharp rise in New Orders, which also rose at their fastest pace in nearly four years.

The situation in Spain is obviously different than Greece. It's also been more consistently strong than Italy, which is also rebounding, but not as steadily.