U.S. PMI Readings Better Than Euroland's

August 5, 2008

U.S. minus euro area purchasing manager differentials shifted increasingly in favor of the United States for the fourth time in the last six months in July.  The manufacturing spread widened by 1.6 points to +2.6.  Sharp increases were posted in the subcomponent spread for production to +6.2 points in July from 1.9 points in June and in that for employment to +3.4 from -6.0.  Among services whose data were released this morning, the overall differential increased to 1.3 points in July from 0.8 points in June, with the jobs spread rising to -2.8 from -7.4.  The sum of the manufacturing and services spread was +3.9 in July, up from +1.8 in June, -3.2 in April and -10.8 in January.

  U.S. Ezone   U.S. Ezone   Sum of
  Services Services Spread Mf’g Mf’g Spread Spreads
January 41.9 50.6 -8.7 50.7 52.8 -2.1 -10.8
February 50.8 52.3 -1.5 48.3 52.3 -4.0 -5.5
March 52.2 51.6 +0.6 48.6 52.0 -3.4 -2.8
April 50.9 52.0 -1.1 48.6 50.7 -2.1 -3.2
May 53.6 50.6 +3.0 49.6 50.6 -1.0 +2.0
June 49.9 49.1 +0.8 50.2 49.2 +1.0 +1.8
July 49.6 48.3 +1.3 50.0 47.4 +2.6 +3.9

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