U.S. Regains Small Manufacturing PMI Advantage Versus Euro Area in March
April 1, 2014
For a second straight month, the spread between the U.S. and Ezone purchasing manager indices was less than 1.0 in size, but after identical readings in February, the U.S. retook a modest 0.7-point advantage amid a further rise in the euro. Currency appreciation can erode the competitiveness of Euroland exports and import-competing goods.
The improved manufacturing PMI of the U.S. was spearheaded by a 7.7-point rebound in the production component following the weather-ravaged month of February. The jobs and price components actually fell.
Euroland data were mixed across its members. The PMI readings rose by 2.6 points in Ireland, 2.4 points in France, 0.3 points in Spain and 0.1 point in Italy but fell by 2.0 points in Austria, 1.6 points in Greece, and 1.1 points in Germany.
| Mfg PMIs | U.S. | Euroland | Spread | EUR/USD |
| Jan 2012 | 54.1 | 48.8 | +5.3 | 1.290 |
| February | 51.9 | 49.0 | +2.9 | 1.323 |
| March | 53.3 | 47.7 | +5.6 | 1.320 |
| April | 54.1 | 45.9 | +8.2 | 1.315 |
| May | 52.5 | 45.1 | +7.4 | 1.280 |
| June | 50.2 | 45.1 | +5.1 | 1.254 |
| July | 50.5 | 44.0 | +6.5 | 1.230 |
| August | 50.7 | 45.1 | +5.6 | 1.255 |
| September | 51.6 | 46.1 | +5.5 | 1.286 |
| October | 51.7 | 45.4 | +6.3 | 1.297 |
| November | 49.9 | 46.2 | +3.7 | 1.283 |
| December | 50.2 | 46.1 | +4.1 | 1.313 |
| Jan 2013 | 53.1 | 47.9 | +5.2 | 1.330 |
| February | 53.1 | 47.9 | +5.2 | 1.334 |
| March | 51.5 | 46.8 | +4.7 | 1.295 |
| April | 50.0 | 46.7 | +3.3 | 1.301 |
| May | 50.0 | 48.3 | +1.7 | 1.299 |
| June | 52.5 | 48.8 | +3.7 | 1.319 |
| July | 54.9 | 50.3 | +4.6 | 1.309 |
| August | 56.3 | 51.4 | +4.9 | 1.331 |
| September | 56.0 | 51.1 | +4.9 | 1.335 |
| October | 56.6 | 51.3 | +5.3 | 1.364 |
| November | 57.0 | 51.6 | +5.4 | 1.349 |
| December | 56.5 | 52.7 | +3.8 | 1.370 |
| Jan 2014 | 51.3 | 54.0 | -2.7 | 1.361 |
| February | 53.2 | 53.2 | 0.0 | 1.366 |
| March | 53.7 | 53.0 | +0.7 | 1.380 |
Copyright 2014, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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