non-manufacturing PMIs
Yuan Sinks to 11-Year Low and Depresses Global Stocks & Sovereign Debt Yields
August 5, 2019
It’s been a chaotic day in financial markets, with America seemingly at war on several fronts and non-manufacturing PMIs down in the U.S., Europe, Japan and China. The dollar rose 1.6% against the yuan and 1.3% relative to the peso but fell 1.7% against the euro, 1.0% relative to the Swiss franc, and 0.5% vis-a-vis […] More
U.S. Nonmanufacturing PMI Compared to Euroland Services PMI
May 6, 2019
In the United States in April, non-manufacturing activity grew somewhat more slowly than in March but more rapidly than the manufacturing sector was expanding. Sub-indices for orders, jobs and prices grew more slowly last month, but the growth of production quickened. April service sector activity in the euro area similarly contrasted favorably with the region’s […] More
Narrower U.S. Non-Manufacturing Advantage Last Month Versus Euro Area
August 3, 2018
The July spread between the ISM non-manufacturing U.S. purchasing managers index and IHS’s service-sector PMI for the euro area was 2.4 points smaller than June’s differential. In combination with a 2.3-point contraction of their manufacturing PMI spread reported earlier this week, the sum of the two first differences was slightly more than halved to 4.5 points, […] More
Sterling Strengthens… Emerging Market Currencies Slide
June 5, 2018
Sterling advanced 0.4% overnight against the dollar, buoyed by better-than-forecast British service sector and composite purchasing manager indices in May that rose to 3-month highs of 54.0 and 54.3, respectively. The dollar also edged down 0.1% against versus the yuan and yen but climbed 0.4% and 0.3% relative to the Australian and Canadian dollars and […] More
Non-Manufacturing PMIs in the U.S. and Euroland
November 6, 2017
The U.S. non-manufacturing purchasing managers index compiled by the Institute of Supply Management edged up 0.3 points to 60.1 in October. Faster growth in sales and jobs outweighed slower growth in new business and prices. Euroland’s services PMI for October fell 0.8 points to 55.0. The German, Italian, Spanish and Irish readings each dropped more than […] More
U.S. and Eurozone Service Sector PMIs in March
April 5, 2016
The U.S. non-manufacturing purchasing managers index climbed 1.1 points in March, while Euroland’s counterpart services PMI edged 0.2 points lower. In conjunction with an equally U.S.-advantageous shift in manufacturing PMI measures, the arithmetic sum of the two sets of PMI differentials (U.S. minus Eurozone) swung to +1.6 — a 7-month peak — from -1.6 in February […] More
More PMI Results, a Draghi Press Conference, Australian GDP, and Fed Beige Book
June 3, 2015
It’s been a busy Wednesday. Overnight many service sector purchasing manager surveys were released, some beating expectations but others falling short. ECB President Draghi is currently doing the Q&A portion of his press conference following an announced decision not to change interest rates and the release of updated macroeconomic forecasts. Juxtaposed with the press conference […] More
Dramatic Convergence of U.S. and Eurozone Activity Extended in March
April 7, 2015
The purchasing manager survey differentials for both services and manufacturing between the United States and eurozone have converged in each of the past five months, causing the sum of the two spreads, shown in the right-most column below to plunge from +15.2 points last November to only +1.6 points in March. This monthly feature on […] More
Performance Gap between U.S. and Euroland Narrowed Last Month
January 6, 2015
As in manufacturing reported last Friday, the respective U.S. and euro area service-sector purchasing manager surveys from December indicate a significantly reduced U.S. advantage. The 4.6-point spread last month is down from a differential of 8.2 points in November and at its narrowest width since July. The manufacturing PMI spread had declined from 8.6 points […] More
Gap Widened Sharply in November Between U.S. and Euroland Economic Performances
December 3, 2014
The differential between the sum of the U.S.-minus-Ezone manufacturing and non-manufacturing purchasing manager indices increased 3.6 points last month to a 3-year high of 16.8 points. The two spreads were similar in size, indicating a roughly equal U.S. advantage of the euro area in both manufacturing and services. The U.S. non-manufacturing PMI rose 2.2 points […] More
