U.S. and Euroland manufacturing PMIs
December Sees Largest U.S. Versus Ezone Manufacturing Sector Advantage Since April
January 5, 2021
The announced existence of effective Covid vaccines lifted conditions faced by manufacturers in both the United States and Euroland in December. U.S. conditions according to the Institute of Supply Management improved by 3.2 index points to a 28-month high of 60.7. Euroland’s IHS-compiled manufacturing survey index rose 1.4 points to a 31-month high of 55.2, […] More
Recent See-Saw Pattern in Spread between U.S. and Euroland Manufacturing PMIs
September 1, 2020
The ISM-compiled U.S. manufacturing purchasing managers index rose 1.8 index points to a 19-month high of 56.0 in August and easily beat analyst expectations. Euroland’s IHS-compiled manufacturing PMI, by contrast, dipped 0.1 point to a 2-month low of 51.7. The spread between those two data series thus shifted 1.9 points more advantageously toward the United […] More
Manufacturing Recession on Both Sides of the Atlantic
October 1, 2019
The manufacturing sector is very sensitive to the strength of export demand. Consequently, the trends of the U.S. and euro area manufacturing purchasing manager indices provides good empirical evidence to test President Trump’s oft-repeated assertion that the United States will win a trade war and incur minimal collateral damage along the way. Euroland’s IHS-compiled PMI […] More
U.S. Manufacturing Conditions Grew Significantly more Slowly in February, Narrowing Edge Versus Euroland
March 1, 2019
The ISM-compiled U.S. manufacturing purchasing managers index declined 2.4 index points to 54.2, a 27-month low. That was twice as large as the 1.2-point drop in the IHS-compiled euro area manufacturing PMI to a 68-month low of 49.3. As a result, the differential between the two data series narrowed by 1.2 points to 4.9, as […] More
Trade War Concerns Affected U.S. and Euroland Manufacturing Purchasing Manager Indices Equally in September
October 1, 2018
In September, the ISM-Compiled factory PMI index fell 1.5 points to 61.3, while the IHS-compiled euro area PMI dropped 1.4 points to 54.6. The manufacturing sectors continued to improve, but the lower scores in each economy reflects a reduced rate of improvement in operating conditions. And America’s relative advantage was preserved, but the data do […] More
Biggest Euro Area Advantage Over U.S. Since August 2016
December 1, 2017
The ISM purchasing managers index for U.S. manufacturing settled back a further 0.5 points in November to 58.2 from 58.7 in October and a 13-year high of 60.8 in September. A reading of 58.2 still represents a robust rate of expansion and all the more so because sub-indices for production (up 2.9 points to 63.9) and […] More
Similar October Manufacturing PMI Indices in U.S. and Euroland
November 2, 2017
It was reported today by IHS Markit that Euroland’s manufacturing purchasing managers index rose 0.4 points to an 80-month high of 58.5. Being above 50 since July 2013 means that conditions in manufacturing have been improving since then, and the higher level in October means that the rate of improvement quickened last month. This faster […] More
Biggest U.S. Manufacturing Growth Advantage Versus Euro Area in a Half Year
September 1, 2017
The U.S. manufacturing purchasing managers index jumped 2.5 points in August to a 76-month high of 58.8. That increase was three times greater than the 0.8-point rise of Euroland’s manufacturing PMI to a 2-month high of 57.4, resulting in a 1.7-point U.S.-minus-Euroland PMI spread to 1.4 points. That spread is the most U.S.-advantageous since February. […] More
Strong Factory Growth in Both the U.S. and Euroland
July 3, 2017
In June, U.S. manufacturing overcame a disadvantage relative the the euro area in a single month, as the euro advanced to its strongest monthly average in a year against the dollar. The U.S. Institute of Supply Management reported a 2.9-point increase in the manufacturing purchasing managers index to 57.8, signifying the strongest rate of improvement […] More
Soft Euro Lifting Euroland Manufacturing at U.S. Expense
May 2, 2017
The manufacturing purchasing managers index of Euroland, 56.7, surpassed its U.S. counterpart, 54.8, in April for the first time since April. The lagged effect of the post-Trump dollar rally is a major reason why. Manufacturing is more sensitive to currency movement than non-manufacturing. Although the table below uses the ISM compilation for its U.S. component […] More
