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Economy in Brief

Europe's MFG PMIs Continue To Rise. EMU PMI Rises Over 50 For First Time In 18 Months To Vee Or Not To Vee…Is That A Question?
by Robert Brusca November 02, 2009

Europe’s MFG sector is up over the neutral reading of 50 for the first time in 17 months. The Markit/NTC gauges of the EMU economy and for individual nations is a stronger reading than in the EU Commission framework.

Five of the nine economies with individual readings in the table are above the breakeven value of ‘50’ in October. Among these nine nations only Greece saw its reading slip in October.

The rebound now looks like that much talked above Vee-shape. Despite rampant pessimism Europe is putting on a good recovery in Manufacturing. The EMU countries as well as the UK are looking quite strong.

The EMU percentile standings for these gauges are in the low 6oth percentile up to the 69th percentile for France and Austria; the 65th for Germany. This is evidence of a true recovery and is one of the more optimistic reports out of Europe for some time.

NTC/Markit MFG Indices
  Oct-09 Sep-09 Aug-09 3Mo 6Mo 12Mo Percentile
Euro-13 50.73 49.29 48.24 49.42 46.30 40.50 63.8%
Germany 51.04 49.65 49.17 49.95 45.99 39.68 65.9%
France 55.61 52.99 50.78 53.13 49.45 43.18 69.2%
Italy 49.24 47.58 44.25 47.02 45.04 40.30 57.8%
Spain 46.30 45.82 47.20 46.44 44.87 38.17 61.4%
Austria 51.05 50.31 49.95 50.44 46.51 41.06 69.7%
Greece 47.97 48.46 51.13 49.19 48.36 44.27 46.2%
Ireland 48.01 46.57 44.01 46.20 44.01 40.20 63.9%
Netherlands 50.52 50.02 50.51 50.35 47.22 42.24 61.7%
EU
UK 53.68 49.85 50.47 51.33 49.57 43.58 87.8%
percentile is over range since March 2000
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