U.S. Claims Biggest PMI Advantage versus the Euro Area in 5-7 Months
June 4, 2014
In the May purchasing manager surveys, the United States commanded similar advantages versus Euroland in service-sector activity, +3.1 points, and manufacturing, +3.2 points. The service sector spread was the widest since October, while the advantage in manufacturing was at a 5-month high. The sum of the two spreads, +6.3 points constituted a half-year high.
Among U.S. subcomponents, the indices for sales, orders, and jobs went up by 1.2, 2.3 and 1.1 points, but prices surpassed 60, as such had done in April. The overall U.S. score of 55.2 represents a nine-month high.
The euro area and German service-sector PMIs, 53.2 and 56.0, signaled the fastest growth since June 2011. Italy’s 51.6 reading was at a 3-month high. The Spanish 55.7 reading conveys considerable buoyancy, though not quite as much as in April, and the French PMI’s return to sub-50 territory at 49.1 was the weakest result since February.
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 | 52.1 | +1.0 | 53.7 | 53.0 | +0.7 | +1.6 |
April | 55.2 | 53.1 | +2.1 | 54.9 | 53.4 | +1.5 | +3.6 |
May | 56.3 | 53.2 | +3.1 | 55.4 | 52.2 | +3.2 | +6.3 |
Copyright 2014, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Service sector PMIs