February 5, 2019

Service sector growth slowed last month but remained positive in both the United States and the euro area. The ISM-compiled non-manufacturing PMI fell 1.3 points, while the IHS-compiled Ezone services PMI dropped by 1.0 point. The differential between those two data series narrowed slightly but remained significantly U.S.-advantageous at +6.6 points. The U.S. advantage in manufacturing improved relatively by a comparatively larger margin to 6.1 points, and the sum of the services and  manufacturing PMI spreads widened nearly 3.0 points to a hefty 12.7 points.

Euroland’s service sector PMIs ranged from France’s 50-month low of 47.8 to Spain’s 7-month high of 54.7. All of these showed weaker activity than seen in the United States. The U.S. non-manufacturing PMI’s 1.3 point decline to 56.7 was paced by a 5.0 point decrease in the subindex for new orders.

PMIs U.S. Ezone U.S. Ezone Sum of
NonMfg 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 52.5 52.6 -0.1 54.3 53.2 +1.1 +1.0
March 53.7 52.1 +1.6 54.4 53.0 +1.4 +3.0
April 55.3 53.1 +2.2 55.3 53.4 +1.9 +4.1
May 56.1 53.2 +2.9 55.6 52.2 +3.4 +6.3
June 56.3 52.8 +3.5 55.7 51.8 +3.9 +7.4
July 57.9 54.2 +3.7 56.4 51.8 +4.6 +8.3
August 58.6 53.1 +5.5 58.1 50.7 +7.4 +12.9
Sept 58.1 52.4 +5.7 56.1 50.3 +5.8 +11.5
October 56.9 52.1 +4.8 57.9 50.6 +7.3 +12.1
November 58.8 51.1 +7.7 57.6 50.1 +7.5 +15.2
December 56.5 51.6 +4.9 55.1 50.6 +4.5 +9.4
Jan 2015 56.7 52.7 +4.0 53.5 51.0 +2.5 +6.5
February 57.1 53.7 +4.4 52.3 51.0 +1.3 +5.7
March 56.9 54.2 +2.7 52.3 52.2 +0.1 +2.8
April 57.5 54.1 +3.4 51.6 52.0 -0.4 +3.0
May 55.9 53.8 +2.1 53.1 52.2 +0.9 +3.0
June 56.2 54.4 +1.8 53.1 53.1 0.0 +1.8
July 59.6 54.0 +5.6 51.9 52.4 -0.5 +5.1
August

Sept

October

58.3

56.7

58.3

54.4

53.7

54.1

+3.9

+3.0

+4.2

51.0

50.0

49.4

52.3

52.0

52.3

-1.3

-2.0

-2.9

+2.6

+1.0

+1.3

November

December

Jan 2016

February

March

April

May

June

July

August

Sept

October

November

December

Jan 2017

February

March

April

May

June

July

August

Sept

October

November

December

Jan 2018

Feb 2018

Mar 2018

Apr 2018

May 2018

June 2018

July 2018

Aug 2018

Sept 2018

Oct 2018

November

December

Jan 2019

 

56.6

55.8

53.5

54.3

54.9

55.7

53.6

56.1

54.9

51.7

56.6

54.6

56.2

56.6

56.5

57.4

55.6

57.3

57.1

57.2

54.3

55.2

59.4

59.8

57.3

56.0

59.9

59.1

58.7

57.2

58.9

58.7

56.7

58.8

60.8

60.0

60.4

58.0

56.7

54.2

54.2

53.6

53.3

53.1

53.1

53.3

52.8

52.9

52.8

52.2

52.8

53.9

54.4

53.7

55.5

56.0

56.4

56.3

55.4

54.9

54.7

55.8

55.0

56.2

56.6

58.0

56.2

54.9

54.7

53.8

55.2

54.2

54.4

54.7

53.7

53.4

51.1

50.1

 

 

 

+1.7

+1.6

-0.1

+1.0

+1.8

+2.6

+0.3

+3.3

+2.0

-1.1

+4.4

+1.8

+2.3

+2.2

+2.8

+1.9

-0.4

+0.9

+0.8

+1.8

-0.6

+0.5

+3.6

+4.8

+1.1

-0.6

+1.9

+2.9

+3.8

+2.5

+5.1

+3.5

+2.5

+4.4

+6.1

+6.3

+7.0

+6.9

+6.6

48.4

48.0

48.2

49.7

51.7

50.7

51.0

52.8

52.8

49.4

51.7

52.0

53.5

54.5

56.0

57.6

56.6

55.3

55.5

56.7

56.5

59.3

60.2

58.5

58.2

59.3

59.1

60.7

59.3

57.9

58.7

60.0

58.4

60.8

59.5

57.5

58.4

54.3

56.6

52.8

53.2

52.3

51.2

51.6

51.7

51.5

52.8

52.0

51.7

52.6

53.5

53.7

54.9

55.2

55.4

56.2

56.7

57.0

57.4

56.6

57.4

58.1

58.5

60.1

63.3

61.1

58.6

56.6

56.2

55.5

54.9

55.1

54.6

53.2

52.0

51.8

51.4

50.5

-4.4

-5.2

-4.1

-1.5

+0.1

-1.0

-0.5

+0.0

+0.8

-2.3

-0.9

-1.5

-0.2

-0.4

+0.8

+2.2

+0.4

-1.4

-1.5

-0.7

-0.1

+1.9

+2.1

0.0

-1.9

-4.0

-2.0

+2.1

+2.7

+1.7

+3.2

+5.1

+3.3

+6.2

+6.3

+5.5

+6.6

+2.9

+6.1

-2.7

-3.6

-4.2

-1.4

+1.5

+1.6

-0.9

+3.7

+3.4

-3.7

+4.0

+0.5

+3.1

+1.8

+3.6

+4.1

+0.0

-0.5

-0.7

+1.1

-0.7

+2.4

+5.7

+4.8

-0.8

-4.6

-0.1

+5.0

+6.5

+4.2

+8.3

+8.6

+5.8

+10.6

+12.4

+11.8

+13.6

+9.8

+12.7

Copyright 2019, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

Tags:

ShareThis

Comments are closed.

css.php