Non-Manufacturing U.S.-Minus-Euroland PMI Spread
May 5, 2018
The U.S. non-manufacturing purchasing index-minus-euro area services PMI was cut nearly in half to +2.1 in April, a three month low. The U.S. index dropped 2.0 points to 56.8, led by reductions of 1.5 and 3.0 points in sales/business activity and employment. Euroland’s services PMI fell just 0.2 points to 54.7. The Irish and French indices rose to 3- and 2-month highs of 58.4 and 57.4, but Germany’s services PMI fell 0.9 points to a 19-month low. The Spanish and Italian indices, 55.6 and 52.6, constituted 4- and 5-month lows. The U.S. manufacturing PMI spread also became less advantageous versus Euroland’s counterpart last month, and the sum of the manufacturing and services differentials, shown in the right-most column below, was just +3.2. That was down from +6.6 points in March.
| PMIs | U.S. | Ezone | U.S. | Ezone | Sum of | ||
| NonMfg | 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 | 52.5 | 52.6 | -0.1 | 54.3 | 53.2 | +1.1 | +1.0 |
| March | 53.7 | 52.1 | +1.6 | 54.4 | 53.0 | +1.4 | +3.0 |
| April | 55.3 | 53.1 | +2.2 | 55.3 | 53.4 | +1.9 | +4.1 |
| May | 56.1 | 53.2 | +2.9 | 55.6 | 52.2 | +3.4 | +6.3 |
| June | 56.3 | 52.8 | +3.5 | 55.7 | 51.8 | +3.9 | +7.4 |
| July | 57.9 | 54.2 | +3.7 | 56.4 | 51.8 | +4.6 | +8.3 |
| August | 58.6 | 53.1 | +5.5 | 58.1 | 50.7 | +7.4 | +12.9 |
| Sept | 58.1 | 52.4 | +5.7 | 56.1 | 50.3 | +5.8 | +11.5 |
| October | 56.9 | 52.1 | +4.8 | 57.9 | 50.6 | +7.3 | +12.1 |
| November | 58.8 | 51.1 | +7.7 | 57.6 | 50.1 | +7.5 | +15.2 |
| December | 56.5 | 51.6 | +4.9 | 55.1 | 50.6 | +4.5 | +9.4 |
| Jan 2015 | 56.7 | 52.7 | +4.0 | 53.5 | 51.0 | +2.5 | +6.5 |
| February | 57.1 | 53.7 | +4.4 | 52.3 | 51.0 | +1.3 | +5.7 |
| March | 56.9 | 54.2 | +2.7 | 52.3 | 52.2 | +0.1 | +2.8 |
| April | 57.5 | 54.1 | +3.4 | 51.6 | 52.0 | -0.4 | +3.0 |
| May | 55.9 | 53.8 | +2.1 | 53.1 | 52.2 | +0.9 | +3.0 |
| June | 56.2 | 54.4 | +1.8 | 53.1 | 53.1 | 0.0 | +1.8 |
| July | 59.6 | 54.0 | +5.6 | 51.9 | 52.4 | -0.5 | +5.1 |
| August
Sept October |
58.3
56.7 58.3 |
54.4
53.7 54.1 |
+3.9
+3.0 +4.2 |
51.0
50.0 49.4 |
52.3
52.0 52.3 |
-1.3
-2.0 -2.9 |
+2.6
+1.0 +1.3 |
| November
December Jan 2016 February March April May June July August Sept October November December Jan 2017 February March April May June July August Sept October November December Jan 2018 Feb 2018 Mar 2018 Apr 2018
|
56.6
55.8 53.5 54.3 54.9 55.7 53.6 56.1 54.9 51.7 56.6 54.6 56.2 56.6 56.5 57.4 55.6 57.3 57.1 57.2 54.3 55.2 59.4 59.8 57.3 56.0 59.9 59.5 58.8 56.8 |
54.2
54.2 53.6 53.3 53.1 53.1 53.3 52.8 52.9 52.8 52.2 52.8 53.9 54.4 53.7 55.5 56.0 56.4 56.3 55.4 54.9 54.7 55.8 55.0 56.2 56.6 58.0 56.2 54.9 54.7
|
+1.7
+1.6 -0.1 +1.0 +1.8 +2.6 +0.3 +3.3 +2.0 -1.1 +4.4 +1.8 +2.3 +2.2 +2.8 +1.9 -0.4 +0.9 +0.8 +1.8 -0.6 +0.5 +3.6 +4.8 +1.1 -0.6 +1.9 +3.3 +3.9 +2.1 |
48.4
48.0 48.2 49.7 51.7 50.7 51.0 52.8 52.8 49.4 51.7 52.0 53.5 54.5 56.0 57.6 56.6 55.3 55.5 56.7 56.5 59.3 60.2 58.5 58.2 59.3 59.1 60.8 59.3 57.3 |
52.8
53.2 52.3 51.2 51.6 51.7 51.5 52.8 52.0 51.7 52.6 53.5 53.7 54.9 55.2 55.4 56.2 56.7 57.0 57.4 56.6 57.4 58.1 58.5 60.1 63.3 61.1 58.6 56.6 56.2 |
-4.4
-5.2 -4.1 -1.5 +0.1 -1.0 -0.5 +0.0 +0.8 -2.3 -0.9 -1.5 -0.2 -0.4 +0.8 +2.2 +0.4 -1.4 -1.5 -0.7 -0.1 +1.9 +2.1 0.0 -1.9 -4.0 -2.0 +2.2 +2.7 +1.1 |
-2.7
-3.6 -4.2 -1.4 +1.5 +1.6 -0.9 +3.7 +3.4 -3.7 +4.0 +0.5 +3.1 +1.8 +3.6 +4.1 +0.0 -0.5 -0.7 +1.1 -0.7 +2.4 +5.7 +4.8 -0.8 -4.6 -0.1 +5.5 +6.6 +3.2 |
Copyright 2018, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Service sector PMIs
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