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.

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