U.S.-Minus-Ezone Manufacturing Purchasing Managers Differential Almost Zero as Euro Cheapened in July

August 3, 2015

The U.S. manufacturing PMI unexpectedly fell by 0.8 points in July, as the jobs index declined 2.8 points to 52.7 and the prices measure slumped 5.5 points to 44.0.  Even though the Greek PMI sank to a record low of 30.2, other members of the common European currency union showed resilience, and Euroland’s overall factory PMI printed a mere 0.1 point lower than June’s 14-month high of 52.5.  Italy’s PMI climbed to a 51-month high of 55.3, and the Dutch index was 56.0.  Spain’s 53.6 was comparable to the U.S. score, and only France saw a drop in operating conditions along with Greece. 

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
June 53.5 52.5 +1.0 1.123
July 52.7 52.4 +0.3 1.101

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

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