Factory PMI Spread Shifts in U.S. Direction for Third Straight Month
May 2, 2014
The U.S. minus Euroland manufacturing purchasing managers index differential rose to 1.5 points in April from 0.7 in March, 0.0 in February and minus 2.7 in January. The U.S. reading rose in each of those months, including a 1.2-point advance in April. This connotes an acceleration in the rise of manufacturing activity since January. The U.S. improvement was spearheaded by a 3.6-point climb in the jobs sub-index.
The Ezone manufacturing PMI went up 0.4 points in April to 53.4, best since January. While the Italian and Greek components increased by 1.6 and 1.4 points, the French gauge fell 0.9 points. Germany’s PMI climbed 0.4 points to 54.1, but Spain’s reading of 52.7 was 0.1 lower than in March. The average EUR/USD value in April of $1.380 was unchanged from its March mean.
| 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 | 53.1 | 47.9 | +5.2 | 1.334 |
| March | 51.5 | 46.8 | +4.7 | 1.295 |
| April | 50.0 | 46.7 | +3.3 | 1.301 |
| May | 50.0 | 48.3 | +1.7 | 1.299 |
| June | 52.5 | 48.8 | +3.7 | 1.319 |
| July | 54.9 | 50.3 | +4.6 | 1.309 |
| August | 56.3 | 51.4 | +4.9 | 1.331 |
| September | 56.0 | 51.1 | +4.9 | 1.335 |
| October | 56.6 | 51.3 | +5.3 | 1.364 |
| November | 57.0 | 51.6 | +5.4 | 1.349 |
| December | 56.5 | 52.7 | +3.8 | 1.370 |
| Jan 2014 | 51.3 | 54.0 | -2.7 | 1.361 |
| February | 53.2 | 53.2 | 0.0 | 1.366 |
| March | 53.7 | 53.0 | +0.7 | 1.380 |
| April | 54.9 | 53.4 | +1.5 | 1.380 |
Copyright 2014, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
ShareThis
