Euroland’s Manufacturing PMI Moved Above the U.S. PMI Last Month

May 3, 2021

The IHS-compiled manufacturing purchasing managers index moved above the ISM-compiled U.S. manufacturing PMI for the first time since January 2018. This crossing of the lines stemped from an unexpected 4.0-point decline in the U.S. index even as the euro area index rose 0.4 additional points to a record high. It should be noted, however, that the IHS-compiled U.S. PMI for the manufacturing sector also climbed to a new record high in April, suggesting that the relative shift in the relative strengths of the U.S. and European factory sectors may not in fact have been very significant.

Mfg PMIs U.S. Euroland Spread EUR/USD
Jan 2013 53.1 47.9 +5.2 1.330
February 53.1 47.9 +5.2 1.334
March 51.5 46.8 +4.7 1.295
April 50.0 46.7 +3.3 1.301
May 50.0 48.3 +1.7 1.299
June 52.5 48.8 +3.7 1.319
July 54.9 50.3 +4.6 1.309
August 56.3 51.4 +4.9 1.331
September 56.0 51.1 +4.9 1.335
October 56.6 51.3 +5.3 1.364
November 57.0 51.6 +5.4 1.349
December 56.5 52.7 +3.8 1.370
Jan 2014 51.3 54.0 -2.7 1.361
February 54.3 53.2 +1.1 1.366
March 54.4 53.0 +1.4 1.380
April 55.3 53.4 +1.9 1.380
May 55.6 52.2 +3.4 1.374
June 55.7 51.8 +3.9 1.360
July 56.4 51.8 +4.6 1.354
August 58.1 50.7 +7.4 1.332
September 56.1 50.3 +5.8 1.290
October 57.9 50.6 +7.3 1.268
November 57.6 50.1 +7.5 1.247
December 55.1 50.6 +4.5 1.232
Jan 2015 53.5 51.0 +2.5 1.162
February 53.3 51.0 +2.3 1.135
March 52.3 52.2 +0.1 1.083
April 51.6 52.0 -0.4 1.081
May 53.1 52.2 +0.9 1.116
June 53.1 52.5 +0.6 1.123
July 51.9 52.4 -0.5 1.101
August

September

October

51.0

50.0

49.4

52.3

52.0

52.3

-1.3

-2.0

-2.9

1.114

1.123

1.121

November

December

Jan 2016

February

March

April

May

June

July

August

September

October

November

December

Jan 2017

February

March

April

May

June

July

August

September

October

November

December

Jan 2018

February

March

April

May

June

July

August

September

October

November

December

Jan 2019

February

March

April

May

June

July

August

September

October

November

December

Jan 2020

February

March

April

May

June

July

August

September

October

November

December

Jan 2021

February

March

April

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

56.8

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

58.8

54.3

56.6

54.2

55.3

52.8

52.1

51.7

51.2

49.1

47.8

48.3

48.1

47.4

50.9

50.1

49.1

41.5

43.1

52.6

54.2

56.0

55.4

59.3

57.5

60.5

58.7

60.8

64.7

60.7

 

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

60.6

59.6

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

47.7

47.6

46.5

47.0

45.7

45.9

46.9

46.3

47.9

49.2

44.5

33.4

39.4

47.4

51.8

51.7

53.7

54.8

53.8

55.2

54.8

57.9

62.5

62.9

 

 

-4.4

-4.8

-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

+0.6

-1.4

-1.5

-0.7

-0.1

+1.9

+2.1

0.0

-1.9

-1.3

-0.5

+2.1

+2.7

+1.7

+3.2

+5.1

+3.3

+6.2

+6.3

+5.5

+7.0

+2.9

+6.1

+4.9

+7.8

+4.9

+4.4

+4.1

+4.7

+2.1

+2.1

+2.4

+1.2

+1.1

+3.0

+0.9

+4.6

+8.1

+3.7

+5.2

+2.4

+4.3

+1.7

+4.5

+3.7

+5.3

+3.9

+2.9

+2.2

-2.2

1.076

1.090

1.087

1.111

1.114

1.134

1.130

1.124

1.106

1.120

1.121

1.103

1.078

1.054

1.063

1.064

1.069

1.072

1.106

1.124

1.153

1.182

1.191

1.176

1.174

1.184

1.220

1.234

1.234

1.227

1.181

1.167

1.169

1.155

1.166

1.148

1.136

1.138

1.142

1.135

1.130

1.123

1.118

1.130

1.121

1.112

1.101

1.106

1.105

1.111

1.110

1.091

1.105

1.087

1.091

1.126

1.147

1.177

1.178

1.177

1.184

1.217

1.217

1.210

1.190

1.199


Copyright 2021, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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