A Wider U.S.-Minus-Euroland Factory PMI Differential
October 1, 2013
In September, the U.S. purchasing managers index for manufacturing rose by 0.5 point, while the comparable Ezone index dipped 0.3 points. As a result, the spread between the two indices widened to 5.1 points, matching July’s biggest U.S. advantage since February. The advance of the U.S. index was led by stronger growth in jobs and occurred despite a weaker growth in new business. Within Europe, the indices for Germany, Italy and Spain fell by 0.7, 0.5 and 0.4 points, while that for France edged 0.1 point higher. The Dutch, Irish, German, Austrian, Italian and Spanish indices exceeded the 50 no-change level. The French index of 49.8 signified the slowest rate of contraction in 19 months. The Greek index fell 1.2 points to 47.5, but the third-quarter average of 47.7 was 0.5 points above the 2Q mean score.
| Mfg PMIs | U.S. | Euroland | Spread | EUR/USD |
| Jan 2012 | 54.1 | 48.8 | +5.3 | 1.290 |
| February | 51.9 | 49.0 | +2.9 | 1.323 |
| March | 53.3 | 47.7 | +5.6 | 1.320 |
| April | 54.1 | 45.9 | +8.2 | 1.315 |
| May | 52.5 | 45.1 | +7.4 | 1.280 |
| June | 50.2 | 45.1 | +5.1 | 1.254 |
| July | 50.5 | 44.0 | +6.5 | 1.230 |
| August | 50.7 | 45.1 | +5.6 | 1.255 |
| September | 51.6 | 46.1 | +5.5 | 1.286 |
| October | 51.7 | 45.4 | +6.3 | 1.297 |
| November | 49.9 | 46.2 | +3.7 | 1.283 |
| December | 50.2 | 46.1 | +4.1 | 1.313 |
| Jan 2013 | 53.1 | 47.9 | +5.2 | 1.330 |
| February | 54.2 | 47.9 | +6.3 | 1.334 |
| March | 51.3 | 46.8 | +4.5 | 1.295 |
| April | 50.7 | 46.7 | +4.0 | 1.301 |
| May | 49.0 | 48.3 | +0.7 | 1.299 |
| June | 50.9 | 48.8 | +2.1 | 1.319 |
| July | 55.4 | 50.3 | +5.1 | 1.309 |
| August | 55.7 | 51.4 | +4.3 | 1.331 |
| September | 56.2 | 51.1 | +5.1 | 1.335 |
Copyright 2013, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: U.S and Euroland PMIs
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