This is not an indicator that we typically follow that closely, yet it's still interesting.

Retail PMI for Europe for April shows how dismal the situation is for the consumer.

Like other PMI indices, anything sub-50 is contraction. Anything above 50 is growth.

As you can see, Eurozone retail PMIs show deep sub-50 numbers, indicating ongoing shrinkage in total retail sales.

Via Markit: