Manufacturing Purchasing Managers Spread Widened Last Month
September 1, 2011
Manufacturing in the euro area contracted last month for the first time since July 2009 as the region’s PMI index fell 1.4 points to 49.0. Sub-50 readings were registered in France (49.1), Italy (47.0), Ireland (49.7), Spain (45.3), and Greece (43.3). Germany (50.9) and the Netherlands (50.7) had scores barely above the 50 breakeven line. The U.S. PMI-manufacturing index slid just 0.3, by comparison, to 50.6 in spite of a 3.7-point drop in production to a reading of 48.6. As a result, the differential between the U.S. and euro zone indices widened to 1.6 points from 0.5 points in July.
Mf’g PMI’s | U.S. | Euroland | Spread | EUR/USD |
Feb 2008 | 48.8 | 52.3 | -3.5 | 1.475 |
March | 49.0 | 52.0 | -3.0 | 1.553 |
April | 48.6 | 50.7 | -2.1 | 1.574 |
May | 49.3 | 50.6 | -1.3 | 1.555 |
June | 49.5 | 49.2 | +0.3 | 1.557 |
July | 49.5 | 47.4 | +2.1 | 1.577 |
August | 49.3 | 47.6 | +1.7 | 1.497 |
September | 43.4 | 45.0 | -1.6 | 1.437 |
October | 38.7 | 41.1 | -2.4 | 1.331 |
November | 36.6 | 35.6 | +1.0 | 1.268 |
December | 32.9 | 33.9 | -1.0 | 1.351 |
Jan 2009 | 35.6 | 34.4 | +1.2 | 1.326 |
February | 35.7 | 33.5 | +2.2 | 1.303 |
March | 36.4 | 33.9 | +2.5 | 1.306 |
April | 40.4 | 36.8 | +3.2 | 1.318 |
May | 43.2 | 40.7 | +2.5 | 1.365 |
June | 45.3 | 42.6 | +2.7 | 1.401 |
July | 49.1 | 46.3 | +2.8 | 1.409 |
August | 52.8 | 48.2 | +4.6 | 1.426 |
September | 52.4 | 49.3 | +3.1 | 1.455 |
October | 55.2 | 50.7 | +4.5 | 1.489 |
November | 53.7 | 51.2 | +2.5 | 1.491 |
December | 54.9 | 51.6 | +3.3 | 1.459 |
Jan 2010 | 58.4 | 52.4 | +6.0 | 1.409 |
February | 57.1 | 54.2 | +2.9 | 1.368 |
March | 60.4 | 56.6 | +3.8 | 1.356 |
April | 59.6 | 57.6 | +2.0 | 1.342 |
May | 57.8 | 55.8 | +2.0 | 1.255 |
June | 55.3 | 55.6 | -0.3 | 1.220 |
July | 55.1 | 56.7 | -1.6 | 1.278 |
August | 55.2 | 55.1 | +0.1 | 1.288 |
September | 55.3 | 53.7 | -0.4 | 1.308 |
October | 56.9 | 54.6 | +2.3 | 1.389 |
November | 58.2 | 55.3 | +2.9 | 1.368 |
December | 58.5 | 57.1 | +1.4 | 1.323 |
Jan 2011 | 60.8 | 57.3 | +3.5 | 1.337 |
February | 61.4 | 59.0 | +2.4 | 1.365 |
March | 61.2 | 57.5 | +3.7 | 1.400 |
April | 60.4 | 58.0 | +2.4 | 1.445 |
May | 53.5 | 54.6 | -1.1 | 1.433 |
June | 55.3 | 52.0 | +3.3 | 1.438 |
July | 50.9 | 50.4 | +0.5 | 1.423 |
August | 50.6 | 49.0 | +1.6 | 1.435 |
Copyright 2011, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Euroland PMIs, U.S. PMI