Manufacturing PMIs

Big Further Drop in Sovereign Debt Yields

July 1, 2016

A bond market rally based on expected monetary stimulus from a variety of authorities and other pro-growth support has taken hold of world financial markets.  Commodities are up, too.  The dollar is down, and profit-taking in U.S. stocks is indicated despite higher share prices in Asia and Europe. Bank of England Governor Carney gave an […] More

Similar Manufacturing Conditions in U.S. and Euroland Last Month

June 1, 2016

Just 0.2 points separate the ISM’s U.S. manufacturing purchasing manager index of 51.3 and Markit Economics’ eurozone estimate of 51.5.  The U.S. index climbed a half point further above the 50 level, while Euroland’s index was 0.2 points lower than its April reading.  The average EUR/USD relationship last month was little different from its mean […] More

U.S.-Minus-Euroland Factory PMI Spread Swings Back into the Red

May 2, 2016

For eight straight months through February, Euroland’s manufacturing purchasing managers index as compiled by Markit Economics had exceeded the ISM U.S. manufacturing PMI reading.  The string was snapped in March but resumed in April, as the PMI differential swung from +0.2 to -0.9 points. The U.S. purchasing managers index in manufacturing fell last month by […] More

Holidays, Manufacturing PMI Releases, and Japanese Recession Concerns

May 2, 2016

There is a wide spectrum of holiday closures today due to the confluence of labor day observances (May Day), the Greek Orthodox Easter Monday, and the early spring British bank holiday.  Markets are shut in Russia, China, Singapore, Taiwan, Hong Kong, Thailand, Malaysia, Vietnam, Laos, Sri Lanka, Greece, South Africa, Kenya, Bosnia, Cyprus, Ireland, Bulgaria, […] More

Manufacturing PMIs, U.S. Presidential Primaries, and the Start of a New Month

March 1, 2016

Today is Super Tuesday in America, with primaries in Texas, Virginia, Alabama, Arkansas, Georgia, Oklahoma, Tennessee, Massachusetts, Minnesota and Vermont for both Democrats and Republicans and also Colorado for the Democrats and Alaska for Republicans. A slew of February manufacturing purchasing managers surveys were released already.  In 22 reporting countries, conditions worsened, i.e. growth slowed […] More

A Fearful Start to the New Year

January 4, 2016

China’s stock market was halted automatically after a 7% plunge.  The yuan fell 0.7% and is 5.0% weaker against the dollar than its opening level of 2014. China’s manufacturing purchasing managers index dropped 0.4 points to 48.2, a three-month low and fifth consecutive sub-50 reading in a row.  Such scores indicate a contraction of factory-sector […] More

U.S. Factory PMI Drops to 77-Month Low While Eurozone Counterpart Hits 19-Month High

December 1, 2015

A further sharp appreciation of the dollar against the euro in November was probably partly responsible for the divergent trends of the U.S. and Eurozone manufacturing purchasing manager indices.  The rightmost column below are monthly averages of the EUR/USD relationship.  The U.S. PMI fell 1.5 points and was below the 50 no change level for […] More

A U.S. PMI Clunker

December 1, 2015

The Institute of Supply Management’s U.S. manufacturing purchasing managers index unexpectedly worsened in November and substantially at that.  The PMI declined 1.5 points, moving below the 50 no change threshold for the first time in three years and printing at 48.6, the lowest reading since the last U.S. recession ended in June 2009. Manufacturing PMI […] More

Euroland’s Manufacturing PMI Advantage Widened Marginally in October

November 2, 2015

In October, Euroland’s manufacturing purchasing managers index rose 0.3 points to 52.3, a two-month high, while the U.S. PMI dipped 0.1 to 50.1, a 29-month low.  Euroland’s 2.2-point advantage was the greatest since early 2014.  Manufacturing tends to be strongly influenced by exchange rate movement.  For the past six months, the euro has maintained a steady […] More

Parade of Factory Purchasing Manager Surveys Yields Mixed Results for October

November 2, 2015

Today is the first business day of November and the beginning of standard time in North America.  Many European countries observed All Saints Day on Sunday, and Japan celebrates Culture Day tomorrow. Share prices fell 1.7% in China, 2.1% in Japan, 1.4% in Australia, 1.1% in Hong Hong, 0.8% in Singapore and 0.4% in India. […] More