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Economy in Brief

EMU Flash PMIs are Weak; Especially for Services
by Robert Brusca February 22, 2008

EMU PMIs show continued weakness.

The EMU PMIs were weak in February. The MFG index fell further while the services barometer, already very weak, edged higher. The MFG index is in the 12th percentile of its range over 24 months. Services reside in the bottom 2 percent of their range.The MFG indexes have been slipping since mid-2006. They fell to a lower plateau in early 2007 then fell sharply again as 2007 drew to a close. MFG has steadied above its lowest pace around a MFG reading of 52.The service sector has weakened on roughly the same profile except it did not rebound and steady above its low as 2008 began. Services have made a small rebound in February but continue to cling near the lower reaches of its 24 month range. Europe is continuing to look weak despite this small up-tick in February.

FLASH Readings
NTC PMIs for the Euro Area
MFG Services
Feb-08 52.25 52.25
Jan-08 52.60 52.01
3-Mo 52.44 52.50
6-Mo 52.43 53.47
12-Mo 53.73 55.51
24-Mo Range
High 57.61 61.21
Low 51.46 52.01
% Range 12.8% 2.6%
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