Non-construction production index.
Graph #1: Nonconstruction Production - Euro area (pink) and EU27 (black).
Graph #2: Construction - Euro area (pink) and EU27 (black).
Construction in Spain is up 10% year-over-year but construction is down in Portugal and Italy 18%. I guess it is the euro area, not the US, which is experiencing the double dip recession. I thought by now the US would too be in recession due to a recovery max-out, despite the latest round of monetary expansion. I guess I was wrong.