Manufacturing PMI Differential Narrowed Further

March 2, 2015

The spread between the U.S. purchasing managers index, compiled by the Institute of Supply Management, and Euroland’s PMI, compiled by Markit Economics, fell 0.6 points to a ten-month low of +1.9 points.  All of that reduction resulted from a lower U.S. reading.  Euroland’s unchanged 51.0 PMI in manufacturing masked very diverse conditions among its members, running from a high of 57.5 in Ireland to readings of 54.2 in Spain, 52.2 in Holland, 51.9 in Italy, 51.1 in Germany, 48.7 in Austria, 48.4 in Greece, and 47.6 in France.  For Ireland, Italy, Germany, Austria and Greece, February readings were higher than January ones; they were lower in the case of Spain, The Netherlands, and France.

A moderately paced but relentless rise of the dollar against the euro underpins the narrowing manufacturing gap between the United States and Euroland.  The U.S. subindices for production and jobls fell by 2.8 and 2.7 points, while that for orders was 0.4 points lower in February.

Mfg PMIs U.S. Euroland Spread EUR/USD
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 54.3 53.2 +1.1 1.366
March 54.4 53.0 +1.4 1.380
April 55.3 53.4 +1.9 1.380
May 55.6 52.2 +3.4 1.374
June 55.7 51.8 +3.9 1.360
July 56.4 51.8 +4.6 1.354
August 58.1 50.7 +7.4 1.332
September 56.1 50.3 +5.8 1.290
October 57.9 50.6 +7.3 1.268
November 57.6 50.1 +7.5 1.247
December 55.1 50.6 +4.5 1.232
Jan 2015 53.5 51.0 +2.5 1.162
February 52.9 51.0 +1.9 1.135

Copyright 2015, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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