Further Widening of Non-Manufacturing PMI Spread
September 4, 2014
The 6.5-point gap in the U.S.-minus-Euroland services PMI differential constitutes the strongest U.S. advantage in a year. Added to an 8.3-point manufacturing spread, their sum hasn’t been so large since late 2012.
A 0.9-point rise in the sales sub-index to 65.0 led the 0.9-point improvement in the U.S. index. Euroland’s services PMI fell 0.7 points to a two-month low of 53.1. Among the four largest economies in the euro area, only Spain experienced a faster rate of expansion. The service-sector index fell 1.8 points to 54.9 in Germany and dipped 0.1 to 50.3 in France. Italy’s index worsened 3 points, swinging from an above-50 threshold in July to 49.8, signifying a minuscule contraction.
| U.S. | Ezone | U.S. | Ezone | Sum of | |||
| Services | Services | Spread | Mf’g | Mf’g | Spread | Spreads | |
| Jan 2012 | 56.8 | 50.4 | +6.4 | 54.1 | 48.8 | +5.3 | +10.9 |
| Feb | 56.1 | 48.8 | +7.3 | 51.9 | 49.0 | +2.9 | +10.2 |
| March | 55.0 | 49.2 | +5.8 | 53.3 | 47.7 | +5.6 | +11.4 |
| April | 53.7 | 46.9 | +6.8 | 54.1 | 45.9 | +8.2 | +15.0 |
| May | 54.1 | 46.7 | +7.4 | 52.5 | 45.1 | +7.4 | +14.8 |
| June | 52.7 | 47.1 | +5.6 | 50.2 | 45.1 | +5.1 | +10.7 |
| July | 52.9 | 47.9 | +5.0 | 50.5 | 44.0 | +6.5 | +11.5 |
| August | 54.3 | 47.2 | +7.1 | 50.7 | 45.1 | +5.6 | +12.7 |
| Sept | 55.2 | 46.1 | +9.1 | 51.6 | 46.1 | +5.5 | +14.6 |
| October | 54.8 | 46.0 | +8.8 | 51.7 | 45.4 | +6.3 | +15.1 |
| November | 54.8 | 46.7 | +8.1 | 49.9 | 46.2 | +3.7 | +11.8 |
| December | 55.7 | 47.8 | +7.9 | 50.2 | 46.1 | +4.1 | +12.0 |
| Jan 2013 | 55.2 | 48.6 | +6.6 | 53.1 | 47.9 | +5.2 | +11.8 |
| February | 54.8 | 47.9 | +8.1 | 53.1 | 47.9 | +5.2 | +13.3 |
| March | 54.5 | 46.4 | +8.1 | 51.5 | 46.8 | +4.7 | +12.8 |
| April | 53.8 | 47.0 | +6.8 | 50.0 | 46.7 | +3.3 | +10.1 |
| May | 54.0 | 47.2 | +6.8 | 50.0 | 48.3 | +1.7 | +8.5 |
| June | 53.4 | 48.3 | +5.1 | 52.5 | 48.8 | +3.7 | +8.8 |
| July | 55.9 | 49.8 | +6.1 | 54.9 | 50.3 | +4.6 | +10.7 |
| August | 57.9 | 50.7 | +7.2 | 56.3 | 51.4 | +4.9 | +12.1 |
| Sept | 54.5 | 52.2 | +2.3 | 56.0 | 51.1 | +4.9 | +7.2 |
| October | 55.1 | 51.6 | +3.5 | 56.6 | 51.3 | +5.3 | +8.8 |
| November | 54.1 | 51.2 | +2.9 | 57.0 | 51.6 | +5.4 | +8.3 |
| December | 53.0 | 51.0 | +2.0 | 56.5 | 52.7 | +3.8 | +5.8 |
| Jan 2014 | 54.0 | 51.6 | +2.4 | 51.3 | 54.0 | -2.7 | -0.3 |
| February | 51.6 | 52.6 | -1.0 | 53.2 | 53.2 | 0.0 | -1.0 |
| March | 53.1 | 52.1 | +1.0 | 53.7 | 53.0 | +0.7 | +1.6 |
| April | 55.2 | 53.1 | +2.1 | 54.9 | 53.4 | +1.5 | +3.6 |
| May | 56.3 | 53.2 | +3.1 | 55.4 | 52.2 | +3.2 | +6.3 |
| June | 56.0 | 52.8 | +3.2 | 55.3 | 51.8 | +3.5 | +6.7 |
| July | 58.7 | 53.8 | +4.9 | 57.1 | 51.8 | +5.3 | +9.8 |
| August | 59.6 | 53.1 | +6.5 | 59.0 | 50.7 | +8.3 | +14.8 |
Copyright 2014, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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