July Service Sector Purchasing Manager Survey Results in the U.S. and Ezone

August 3, 2012

In July, the sum of the U.S.-minus-Euroland manufacturing and non-manufacturing PMI spreads surpassed 10.0 for the ninth time in ten months.  This summary statistic is shown in the right-most column below.  Service sector conditions expanded more rapidly in the United States and contracted more slowly in the euro area than had been the case in June.  Although activity in manufacturing contracted in both regions in both June and July, the pace of decline intensified in Europe but lessened in the United states.  Service sector sales got a good pop in the U.S. last month, but so did inflationary pressure.  Euroland’s two largest economies posted service sector scores very near the 50 no-change threshold:  Germany at 50.3 and France sitting exactly on the 50.0 fence.  Spain and Italy had severely depressed readings of 43.7 and 43.0.

PMIs U.S. Ezone   U.S. Ezone   Sum of
  Services Services Spread Mf’g Mf’g Spread Spreads
Jan 2011 58.3 55.9 +2.4 59.9 57.3 +2.6 +5.0
Feb 59.0 56.8 +2.2 59.8 59.0 +0.8 +3.0
March 56.3 57.2 -0.9 59.7 57.5 +2.2 +1.3
April 54.4 56.7 -2.0 59.7 58.0 +1.7 -0.3
May 54.5 56.0 -1.5 54.2 54.6 -0.4 -1.9
June 53.3 53.7 -0.4 55.8 52.0 +3.8 +3.4
July 53.4 51.6 +1.8 51.4 50.4 +1.0 +2.8
August 53.8 51.5 +2.3 52.5 49.0 +3.5 +5.8
Sept 52.6 48.8 +3.8 52.5 48.5 +4.0 +7.8
October 52.6 46.4 +6.2 51.8 47.1 +4.7 +10.9
November 52.6 47.5 +5.1 52.2 46.4 +5.8 +10.9
December 53.0 48.8 +4.2 53.1 46.9 +6.2 +10.4
Jan 2012 56.8 50.4 +6.4 54.1 48.8 +5.3 +10.9
Feb 57.3 48.8 +8.5 52.4 49.0 +3.4 +11.9
March 56.0 49.2 +6.8 53.4 47.7 +5.7 +12.5
April 53.5 46.9 +6.6 54.8 45.9 +8.9 +15.5
May 53.7 46.7 +7.0 53.5 45.1 +8.4 +15.4
June 52.1 47.1 +5.0 49.7 45.1 +4.6 +9.6
July 52.6 47.9 +4.7 49.8 44.0 +5.8 +10.5

Copyright 2012, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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