U.S. Nonmanufacturing PMI Compared to Euroland Services PMI
May 6, 2019
In the United States in April, non-manufacturing activity grew somewhat more slowly than in March but more rapidly than the manufacturing sector was expanding. Sub-indices for orders, jobs and prices grew more slowly last month, but the growth of production quickened.
April service sector activity in the euro area similarly contrasted favorably with the region’s manufacturing, which is in recession and, as in the U.S., growth was positive in services but not quite as robust as in March. Euroland’s services PMI fell 0.5 points in April to 53.3, marginally less than the 0.6-point decline in the U.S. nonmanufacturing index, leaving the spread between those two data series little changed and favoring the United States by 2.7 points. The manufacturing PMI spread between the U.S. and Euroland narrowed to +4.9 points in April from +7.6 in March. The sum of the manufacturing and nonmanufacturing PMI differentials, shown in the rightmost column below, was at a 9-month low.
| 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 May 2018 June 2018 July 2018 Aug 2018 Sept 2018 Oct 2018 November December Jan 2019 February March April
|
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 59.1 58.7 57.2 58.9 58.7 56.7 58.8 60.8 60.0 60.4 58.0 56.7 59.7 56.1 55.5 |
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 53.8 55.2 54.2 54.4 54.7 53.7 53.4 51.1 50.1 52.8 53.3 52.8
|
+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 +2.9 +3.8 +2.5 +5.1 +3.5 +2.5 +4.4 +6.1 +6.3 +7.0 +6.9 +6.6 +6.9 +2.8 +2.7 |
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 60.7 59.3 57.9 58.7 60.0 58.4 60.8 59.5 57.5 58.4 54.3 56.6 54.2 55.3 52.8 |
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 55.5 54.9 55.1 54.6 53.2 52.0 51.8 51.4 50.5 49.3 47.5 47.9 |
-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 +2.1 +2.7 +1.7 +3.2 +5.1 +3.3 +6.2 +6.3 +5.5 +6.6 +2.9 +6.1 +4.9 +7.8 +4.9 |
-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 +5.0 +6.5 +4.2 +8.3 +8.6 +5.8 +10.6 +12.4 +11.8 +13.6 +9.8 +12.7 +11.8 +10.6 +7.6 |
Copyright 2019, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: non-manufacturing PMIs
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