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Economy in Brief
U.S. Energy Prices Ease
Gasoline prices fell four cents last week to an average $2.84 per gallon (+14.6% y/y)...
German PPI Makes Sharp Gain on Rising Energy Costs
The German PPI rose by a strong 0.6% in September, but the PPI excluding energy gained just 0.1%...
FIBER: Industrial Commodity Prices Fall Further
The FIBER Industrial Materials Price Index declined 1.3% during the last four weeks...
Japan’s METI Sector Indexes Rebound But Still Lag
Japan's economy continues to fight for revival...
U.S. Existing Home Sales Continue to Weaken, Dragging Down Prices
The NAR reported that sales of existing homes during September declined 3.4% to 5.150 million...
by Robert Brusca June 1, 2009
The UK MFG
PMI is up to a level of 45.37, the second highest reading in this group
of EU/EMU reporters (Greece is the highest). The UK index also is 10%
from its cycle high and 10% above its cycle low. The EMU measure is 17%
from its high and 7% up from its low.
The UK MFG measure is up an EU best gain of 10.4 points
over the past three months. France Germany and Spain have the next best
increases up by 8.5, 7.98 and 7.44 points respectively. 
Europe is
improving, but the UK seems to be making the strongest MFG rebound so
far.
With the release of the US MFG PMI on Monday, the US index shows that it continues to hold its lead on Europe, signaling that the US recovery remains in the vanguard of the global expansion. It has about a four-month head start on EMU but its lead in terms of the level of the PMI index itself is small. The UK MFG rise has been ahead of the US sector for the past few months but that sector does not carry the global punch that the US does.
| Markit MFG Indexes | |||||||
|---|---|---|---|---|---|---|---|
| May-09 | Apr-09 | Mar-09 | 3Mo | 6Mo | 12Mo | Percentile | |
| Euro-Area | 40.68 | 36.83 | 33.93 | 37.15 | 35.55 | 39.92 | 29.5% |
| Germany | 39.58 | 35.40 | 32.36 | 35.78 | 34.02 | 40.26 | 27.7% |
| France | 43.32 | 40.10 | 36.51 | 39.98 | 37.93 | 40.87 | 38.0% |
| Italy | 41.11 | 37.21 | 34.59 | 37.64 | 36.58 | 39.82 | 28.5% |
| Spain | 39.83 | 34.61 | 32.92 | 35.79 | 33.20 | 35.31 | 39.5% |
| Austria | 39.30 | 38.97 | 33.68 | 37.32 | 35.78 | 40.53 | 24.0% |
| Greece | 46.08 | 40.88 | 38.17 | 41.71 | 40.83 | 45.34 | 46.3% |
| Ireland | 39.35 | 36.10 | 35.12 | 36.86 | 36.76 | 39.50 | 27.8% |
| EU | |||||||
| UK | 45.37 | 43.07 | 39.51 | 42.65 | 39.17 | 40.44 | 48.7% |
| percentile is over range since March 2000 | |||||||
