U.S. Factory PMI Back Above Eurozone PMI

June 1, 2015

The U.S. minus Euroland PMI spread rose 1.1 points to +0.6 points in May after negative differentials of -0.5 in April and -0.7 in March.  Between November and February, the spread had narrowed from 7.5 points to 1.9 points. 

A 1.3-point rise of the U.S. manufacturing purchasing managers index to 52.8 in May was led by faster positive growth in orders, a 3.4-point swing in jobs from a declining to a rising trend, and a 9-point slowdown in the contraction rate of prices. 

Euroland’s PMI score of 52.2 reflected moderate expansion, similar to the pace in March and April when the readings were respectively at 52.2 and 52.0.  Three economies had PMIs between 54.8 (Italy) and 55.8 (Spain), with The Netherlands at 55.5.  Factory growth in Germany (51.1) and Austria (50.3) was meager, by comparison, and France’s reading of 49.4, though at a 12-month high still conveyed a modest rate of contraction.

Following a dozen consecutive months with a stronger average dollar level against the euro, the U.S. currency slid back about 3% on average during May.

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
March 51.5 52.2 -0.7 1.083
April 51.5 52.0 -0.5 1.081
May 52.8 52.2 +0.6 1.116

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

Tags:

ShareThis

Comments are closed.

css.php