Gap Widened Sharply in November Between U.S. and Euroland Economic Performances
December 3, 2014
The differential between the sum of the U.S.-minus-Ezone manufacturing and non-manufacturing purchasing manager indices increased 3.6 points last month to a 3-year high of 16.8 points. The two spreads were similar in size, indicating a roughly equal U.S. advantage of the euro area in both manufacturing and services.
The U.S. non-manufacturing PMI rose 2.2 points to 59.3, a 3-month high. Sales jumped 4.4 points, orders went up 2.3 points but prices also posted a sharply faster pace of increase, rising 2.3 points to 54.4. The jobs index retreated 2.9 points to a still-robust 56.7.
Euroland’s 51.1 reading in the services PMI was a full point lower in November than October’s result and at a 16-month low. Germany, France, Spain and Ireland posted multi-month lows, while Italy’s 4-month high of 51.2 indicated a weak pace of positive growth. Euroland’s composite manufacturing and services PMI was also 51.1, a 17-month low.
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 |
June | 56.0 | 52.8 | +3.2 | 55.3 | 51.8 | +3.5 | +6.7 |
July | 58.7 | 54.2 | +4.5 | 57.1 | 51.8 | +5.3 | +9.8 |
August | 59.6 | 53.1 | +6.5 | 59.0 | 50.7 | +8.3 | +14.8 |
Sept | 58.6 | 52.4 | +6.2 | 56.6 | 50.3 | +6.3 | +12.5 |
October | 57.1 | 52.1 | +5.0 | 59.0 | 50.6 | +8.4 | +13.2 |
November | 59.3 | 51.1 | +8.2 | 58.7 | 50.1 | +8.6 | +16.8 |
Copyright 2014, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: non-manufacturing PMIs