Duelling Indicators? Euro-Area Unemployment Falls to Lowest Level Since Early 2012; While Global PMIs Languish

``The seasonally adjusted unemployment rate for the 19-nation region dropped to 10.9 percent in July from 11.1 percent in June, Eurostat, the European Union's statistics office in Luxembourg, said on Tuesday. That's the lowest since February 2012 and below the median forecast of 11.1 percent in a Bloomberg survey of economists. '' -- And form ZeroHedge, there's this: Two-Thirds Of Global PMIs Deteriorate In August. Clear as mud, eh? No doubt, as we suspect, the OECD standard legerdemain of dramatically undercounting "unemployment" is partially to blame...