Euroland PMI Data Exhibiting Continuing Weakness

August 21, 2008

PMI readings weakened noticeably in just three months between May and August.  The overall composite index was 48.0, down from 51.1 in May, and included a drop in the orders component to 46.5 from 49.8 and in the employment sub-index to 49.0 form 51.1.  In those three months, Germany’s index fell 4.7 points to 50.3, and France’s dropped 2.8 points to 47.7.  Readings below 50, as with other diffusion indices, connote a contraction of activity.  Conditions deteriorated in both manufacturing and services, and each of these is now under the 50 break-even line at 47.5 for manufacturing and 48.3 for services.

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