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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Robert Brusca August 1, 2008
The Markit/NTC PMIs show a clear pattern of weakness in the manufacturing sector. Among the major PMI reporters only Germany and Greece still post PMI values above 50, the ostensible neutral mark. If we calculate where the various PMIs stand in their respective historic ranges we find that only Germany is above its range midpoint. Spain, Ireland and the UK are on all time lows since this measure has been reported going back to March 2000. We use March 2000 since it is the date from which all the above PMIs are available although some individual country reports go back farther. We want to compare them over a common time horizon.
On this basis most of the PMIs for manufacturing are in the lower third of their range or weaker. The EMU measure has slid to the lower third of its range. Europe’s manufacturing sector continues to erode.
Markit/NTC Manufacturing Indexes | ||||||||
---|---|---|---|---|---|---|---|---|
Jul-08 | Jun-08 | May-08 | 3Mo | 6Mo | 12Mo | Percentile | ||
Euro-13 | 47.38 | 49.16 | 50.60 | 49.05 | 50.38 | 51.62 | 27.0% | |
Germany | 50.90 | 52.56 | 53.57 | 52.34 | 53.35 | 53.69 | 50.8% | |
France | 47.05 | 49.24 | 51.48 | 49.26 | 50.76 | 51.54 | 22.6% | |
Italy | 45.32 | 46.91 | 48.05 | 46.76 | 48.10 | 49.90 | 13.9% | |
Spain | 39.20 | 40.61 | 43.79 | 41.20 | 43.66 | 47.04 | 0.0% | |
Austria | 46.97 | 48.39 | 49.76 | 48.37 | 50.12 | 52.14 | 23.5% | |
Greece | 51.63 | 53.81 | 53.77 | 53.07 | 53.11 | 53.31 | 42.3% | |
Ireland | 43.39 | 44.71 | 45.21 | 44.44 | 45.63 | 48.58 | 0.0% | |
Netherlands | 47.99 | 51.07 | 51.46 | 50.17 | 51.17 | 53.14 | 31.8% | |
EU | ||||||||
UK | 44.26 | 45.92 | 49.23 | 46.47 | 48.54 | 51.06 | 0.0% |