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Economy in Brief

The MFG and Services PMIs Simply are Dropping Rapidly
by Robert Brusca July 24, 2008

There is little let up in the pace of the drop in the Euro Area MFG and services PMIs. Indeed their rate of decline has picked up pace. The services PMI has been in existence for 31 months and it is at its lowest level since its inception. The MFG is at its lowest level for that period as well.

The MFG index has been in existence much longer. And for that longer period back to 1996 it stands in the 26th percentile of its range - a low reading.

Except for January of this year when the services index fell very sharply, the past two months represent the fastest six month rate of decline for the services index. For MFG the July decline is the fastest six month decline in this cycle. This suggests that the downward pressure on the Euro Area economies is becoming more intense.

FLASH Readings
Markit PMIs for the Euro-Area-13
  MFG Services
Jul-08 47.54 48.26
Jun-08 49.07 49.46
May-08 50.52 50.59
Apr-08 50.85 51.78
Averages
3-Mo 49.04 49.44
6-Mo 50.37 50.67
12-Mo 51.56 52.54
31-Mo Range
High 57.61 61.21
Low 47.54 48.26
% Range 0.0% 0.0%
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