non-manufacturing PMIs

Yuan Sinks to 11-Year Low and Depresses Global Stocks & Sovereign Debt Yields

August 5, 2019

It’s been a chaotic day in financial markets, with America seemingly at war on several fronts and non-manufacturing PMIs down in the U.S., Europe, Japan and China. The dollar rose 1.6% against the yuan and 1.3% relative to the peso but fell 1.7% against the euro, 1.0% relative to the Swiss franc, and 0.5% vis-a-vis […] More

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 […] More

Narrower U.S. Non-Manufacturing Advantage Last Month Versus Euro Area

August 3, 2018

The July spread between the ISM non-manufacturing U.S. purchasing managers index and IHS’s service-sector PMI for the euro area was 2.4 points smaller than June’s differential. In combination with a 2.3-point contraction of their manufacturing PMI spread reported earlier this week, the sum of the two first differences was slightly more than halved to 4.5 points, […] More

Sterling Strengthens… Emerging Market Currencies Slide

June 5, 2018

Sterling advanced 0.4% overnight against the dollar, buoyed by better-than-forecast British service sector and composite purchasing manager indices in May that rose to 3-month highs of 54.0 and 54.3, respectively. The dollar also edged down 0.1% against versus the yuan and yen but climbed 0.4% and 0.3% relative to the Australian and Canadian dollars and […] More

Non-Manufacturing PMIs in the U.S. and Euroland

November 6, 2017

The U.S. non-manufacturing purchasing managers index compiled by the Institute of Supply Management edged up 0.3 points to 60.1 in October. Faster growth in sales and jobs outweighed slower growth in new business and prices. Euroland’s services PMI for October fell 0.8 points to 55.0. The German, Italian, Spanish and Irish readings each dropped more than […] More

U.S. and Eurozone Service Sector PMIs in March

April 5, 2016

The U.S. non-manufacturing purchasing managers index climbed 1.1 points in March, while Euroland’s counterpart services PMI edged 0.2 points lower.  In conjunction with an equally U.S.-advantageous shift in manufacturing PMI measures, the arithmetic sum of the two sets of PMI differentials (U.S. minus Eurozone) swung to +1.6 — a 7-month peak — from -1.6 in February […] More

More PMI Results, a Draghi Press Conference, Australian GDP, and Fed Beige Book

June 3, 2015

It’s been a busy Wednesday.  Overnight many service sector purchasing manager surveys were released, some beating expectations but others falling short.  ECB President Draghi is currently doing the Q&A portion of his press conference following an announced decision not to change interest rates and the release of updated macroeconomic forecasts.  Juxtaposed with the press conference […] More

Dramatic Convergence of U.S. and Eurozone Activity Extended in March

April 7, 2015

The purchasing manager survey differentials for both services and manufacturing between the United States and eurozone have converged in each of the past five months, causing the sum of the two spreads, shown in the right-most column below to plunge from +15.2 points last November to only +1.6 points in March.  This monthly feature on […] More

Performance Gap between U.S. and Euroland Narrowed Last Month

January 6, 2015

As in manufacturing reported last Friday, the respective U.S. and euro area service-sector purchasing manager surveys from December indicate a significantly reduced U.S. advantage.   The 4.6-point spread last month is down from a differential of 8.2 points in November and at its narrowest width since July.  The manufacturing PMI spread had declined from 8.6 points […] More

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 […] More