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Economy in Brief

Euro Area PMIs Continue To Drop... Very Sharply
by Robert Brusca  February 20, 2009

The European PMI readings are very weak again in February. In January there was a slight bounce in the indices for MFG as well as for Services but in February the weakness is back in force with the indices dropping very sharply - especially for Services. There the month-to-month drop form this already low level is the largest decline m/m on record.

Weakness in the Euro Area is still gathering pace, which is terrible news.

Germany, today saw its 50 billion euro stimulus plan go over its last hurdle. Italian industrial orders fell in December but by less than expected. December UK retail sales rose unexpectedly. But in France its survey by Insee produced its lowest reading in the history of the survey that extends back to the mid-1970s. Europe is continuing to be buffeted with weakness and the more topical the measure the weaker the results seem to be.


FLASH Readings
Market PMIs for the Euro Area
  MFG Services
Feb-09 33.63 38.92
Jan-09 34.42 42.16
Dec-08 33.88 42.06
Nov-08 35.58 42.47
Averages
3-Mo 34.63 41.15
6-Mo 39.58 43.64
12-Mo 44.98 46.82
127-Mo Range
High 60.47 62.36
Low 33.63 38.92
% Range 0.0% 0.0%
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