U.S. and Ezone manufacturing PMIs

Bigger Spread in June Between U.S. and Euroland’s Manufacturing Purchasing Managers Indices

July 1, 2020

The ISM-compiled U.S. purchasing managers index (52.6) and the IHS-compiled Euroland PMI of 47.4 both rose to four-month highs in June. The U.S. index increased 9.5 points, 1.5 points more than did the Ezone PMI, and there was an additional significant attribute to the U.S. widening advantage last month. At 47.4, conditions in Euroland manufacturing […] More

U.S. Manufacturing Advantage Over Euro Area Narrowed but Remained Big in October

November 2, 2018

The differential between the ISM-compiled U.S. manufacturing purchasing managers index and the IHS-compiled Euroland factory PMI narrowed last month to +5.7 from +6.6 in September and +6.7 in August. The dollar’s average value was about 1.5% stronger than its September mean, but concerns about U.S. trade protectionism resulted in Euroland’s weakest business confidence in the […] More

U.S. and Euroland Manufacturing Conditions Diverge

September 4, 2018

August saw the widest divergence that I can recall between U.S. factory conditions as measured by the ISM purchasing managers index and factory conditions in the euro area as measured by the IHS PMI. But there is a caveat. IHS also compiles a U.S. manufacturing PMI, and according to that measure, there was a deceleration […] More

Convergence of U.S. and Euroland Manufacturing Operating Conditions Last Month

May 2, 2018

The rates of improvement in factory operating conditions slowed in April both in the United States and Euroland, but the U.S. deceleration was somewhat more pronounced. Hence, America enjoyed its smallest advantage relative to the euro area in three months. Declines of 3.8 points in the U.S. output sub-index and 3.1% in the U.S. jobs […] More

Marginally Faster Manufacturing Activity in the U.S. and Euroland

June 1, 2017

In May, the U.S. manufacturing purchasing managers index edged 0.1 point higher to 54.9, while Euroland’s PMI gained 0.3 points to 57.0. Both results imply robust expansion. Euroland’s advantage, represented by the difference between the U.S. and Ezone scores widened by 0.2 points to -2.1 points, which as seen in the column labeled “spread” below […] More

U.S. and Euroland Factory March PMIs Respectively Fell and Rose

April 3, 2017

The U.S. manufacturing PMI level exceeded its euro area counterpart for a third straight month in March. However, all but 0.2 points of a 1.5-point widening of the spread between the two indices seen in February was reversed in March. EUR/USD had similar averages in the two adjacent months. The U.S. PMI was depressed by […] More

Euro Area Factory PMI Rose More Sharply than U.S. PMI in October

November 2, 2016

The U.S. manufacturing purchasing  managers index increased 0.4 points to 51.9 last month. While subindices for jobs, prices and  production climbed by 3.2, 1.5 and 1.8 points, that for new orders dropped 3.0 points. The PMI level was at a 3-month high, nonetheless. Euroland’s PMI improved 0.9 points to a 33-month high of 53.5. All […] More

September Improvement of U.S. Manufacturing Exceeds Ezone’s Improvement

October 3, 2016

The U.S. manufacturing PMI reading last month of 51.5 was lower than Euroland’s score of 52.6.  It was the eleventh time in the last fourteen months that such had happened. However, the differential between the two scores was halved. After five straight readings above the 50 no change level, the U.S. Purchasing Managers Index had […] More

Pronounced Convergence Last Month in U.S. and Ezone Manufacturing Conditions

June 3, 2013

The U.S. and euro area purchasing managers indices were both below 50.0 in May.  This was the first month since November in which both economies experienced a contraction of manufacturing and just the second such instance since August 2009.  This development caught analysts by surprise.  They had initially predicted a U.S. reading of about 50.5 […] More

Some Convergence Last Month in the U.S. and Ezone Manufacturing PMI Indices

April 2, 2013

The 2.9-point decline last month of the U.S. purchasing managers index (PMI) exceeded the 1.1-point slide in its Euroland counterpart.  Both readings constituted three-month lows.  The monthly average EUR/USD level in March of $1.2949 was a four-month low.  Manufacturing in the United States had an above-50 reading, indicating an expansion of activity, albeit at a […] More