U.S. Regains Service-Sector PMI Advantage over Ezone as Well

April 3, 2014

Data released on Tuesday showed the reemergence of a higher U.S. manufacturing purchasing managers index than found in the euro area, and investors learned today that the same pattern occurred in services.  Improvement in the U.S. non-manufacturing PMI of 1.5 paints to 53.1 reflects better weather and did not fully offset the deterioration between January and February.  The higher U.S. reading mostly reflected gains of 6.1 points in jobs and 4.6 points in prices.

Euroland’s services PMI dipped 0.4 points after a 1.0 point rise in February.  The German reading of 53.0 was 2.9 points lower than in February and constituted a 5-month low, but France’s 51.5 score was 4.3 points above the prior month’s reading.  Ireland and Spain had 2-month highs, while Italy’s reading was at a 2-month low.

The arithmetic sum of the manufacturing and service-sector PMI spreads rose 2.6 points to +1.6, which favors the U.S. economy and ends two consecutive months in which the euro area enjoyed a narrow advantage.

PMIs U.S. Ezone   U.S. Ezone   Sum of
  Services Services Spread Mf’g Mf’g Spread Spreads
Jan 2012 56.8 50.4 +6.4 54.1 48.8 +5.3 +10.9
Feb 56.1 48.8 +7.3 51.9 49.0 +2.9 +10.2
March 55.0 49.2 +5.8 53.3 47.7 +5.6 +11.4
April 53.7 46.9 +6.8 54.1 45.9 +8.2 +15.0
May 54.1 46.7 +7.4 52.5 45.1 +7.4 +14.8
June 52.7 47.1 +5.6 50.2 45.1 +5.1 +10.7
July 52.9 47.9 +5.0 50.5 44.0 +6.5 +11.5
August 54.3 47.2 +7.1 50.7 45.1 +5.6 +12.7
Sept 55.2 46.1 +9.1 51.6 46.1 +5.5 +14.6
October 54.8 46.0 +8.8 51.7 45.4 +6.3 +15.1
November 54.8 46.7 +8.1 49.9 46.2 +3.7 +11.8
December 55.7 47.8 +7.9 50.2 46.1 +4.1 +12.0
Jan 2013 55.2 48.6 +6.6 53.1 47.9 +5.2 +11.8
February 54.8 47.9 +8.1 53.1 47.9 +5.2 +13.3
March 54.5 46.4 +8.1 51.5 46.8 +4.7 +12.8
April 53.8 47.0 +6.8 50.0 46.7 +3.3 +10.1
May 54.0 47.2 +6.8 50.0 48.3 +1.7 +8.5
June 53.4 48.3 +5.1 52.5 48.8 +3.7 +8.8
July 55.9 49.8 +6.1 54.9 50.3 +4.6 +10.7
August 57.9 50.7 +7.2 56.3 51.4 +4.9 +12.1
Sept 54.5 52.2 +2.3 56.0 51.1 +4.9 +7.2
October 55.1 51.6 +3.5 56.6 51.3 +5.3 +8.8
November 54.1 51.2 +2.9 57.0 51.6 +5.4 +8.3
December 53.0 51.0 +2.0 56.5 52.7 +3.8 +5.8
Jan 2014 54.0 51.6 +2.4 51.3 54.0 -2.7 -0.3
February 51.6 52.6 -1.0 53.2 53.2 0.0 -1.0
March 53.1 52.2 +0.9 53.7 53.0 +0.7 +1.6

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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