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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Treasury Statement, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
Philadelphia Fed Nonmanufacturing Business Activity Slumps Again in January
The Philadelphia Fed reported that its Nonmanufacturing Business Index of current conditions at the company level slumped further to -0.2 in January...
U.S. Industrial Production Celebrates 100 Years With An Increase
In the 100th anniversary of it release, industrial production rose a greater-than-expected 0.3% (3.9% year-on-year) during December...
U.K. Retail Sales Begin to Lose Momentum
U.K. retail sales fell by a sharp 1% in December...
Philadelphia Fed Manufacturing Index Rebounds; Pricing Pressure Eases
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index increased to 17.0 during January...
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 | |||||||
