U.S. and Euroland Posted Identical Service Sector PMI Readings in September

October 5, 2009

Activity in non-manufacturing improved more sharply in the United States last month than in Euroland, completely closing a 1.5 point PMI disadvantage from August.  The average PMI-services spread over the first eight months of 2009 had amounted to +0.5 points.  The September story in manufacturing had been the opposite, with the euro area index increasing 1.1 points but the U.S. index easing by 0.3 points.  Little net change has occurred since April in either spread or in their arithmetic sum, shown in the right-most column below.

PMIs U.S. Ezone   U.S. Ezone   Sum of
  Services Services Spread Mf’g Mf’g Spread Spreads
Feb 2008 49.7 52.3 -2.6 48.8 52.3 -3.5 -6.1
March 49.9 51.6 -1.7 49.0 52.0 -3.0 -4.7
April 51.9 52.0 -0.1 48.6 50.7 -2.1 -2.2
May 51.2 50.6 +0.6 49.3 50.6 -1.3 -0.7
June 48.8 49.1 -0.3 49.5 49.2 +0.3 0.0
July 49.6 48.3 +1.3 49.5 47.4 +2.1 +3.4
August 50.4 48.5 +1.9 49.3 47.6 +2.1 +4.0
Sept 50.0 48.4 1.6 43.4 45.0 -1.6 0.0
October 44.6 45.8 -1.2 38.7 41.1 -2.4 -3.6
November 37.4 42.5 -5.1 36.6 35.6 +1.0 -4.1
December 40.1 42.1 -2.0 32.9 33.9 -1.0 -3.0
Jan 2009 42.9 42.2 +0.7 35.6 34.4 +1.2 +1.9
Feb 41.6 39.2 +2.4 35.8 33.5 +2.3 +4.7
March 40.8 40.9 -0.1 36.3 33.9 +2.4 +2.3
April 43.7 43.8 -0.1 40.1 36.8 +3.3 +3.2
May 44.0 44.8 -0.8 42.8 40.7 +2.1 +1.3
June 47.0 44.7 +2.3 44.8 42.6 +2.2 +4.5
July 46.4 45.7 +0.7 48.9 46.3 +2.6 +3.3
August 48.4 49.9 -1.5 52.9 48.2 +4.7 +3.2
Sept 50.9 50.9 0.0 52.6 49.3 +3.3 +3.3

Copyright Larry Greenberg 2009.  All rights reserved.  No secondary distribution without express permission.

Tags: ,

ShareThis

Comments are closed.

css.php