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Economy in Brief

EMU Order Growth Rates Stay Strong In Manufacturing
by Robert Brusca May 25, 2010

EMU order surged in March climbing at a 5.2% month to month after rising by 1.9% M-o-M in February. The three months growth rate is at 24.5% up from 17.3% over six months and 19.2% over 12-months. Orders strength is being lead by ‘foreign orders’ as that series is up a 33% annualized rate over three months compared to a 9.5% pace for domestic orders. But IN March domestic orders pulled ahead rising by 9.4% in the month compared to again of 6.2% for foreign orders.

German and French orders were up very strongly in March as Italian orders rose but not as briskly. German orders are building to a hectic pace rising at a three-month pace of just under 60% at an annual rate while in France the three-month pace is -22%. Italian orders are off at a three month annualized rate of -8.7%.

Manufacturing in the zone is seeing all sorts of divergences across countries right now. It is curious that concerns about Europe are sweeping across the continent as some excellent economic activity statistics are being posted. As of March the evidence is that the Euro-economy was still building a head of steam although there are differences across EMU member countries to be sure. Once again we get evidence that as financial sector worries have mounted the euro-economy is being underpinned by an event stronger economic recovery than had been appreciated.

Euro-Area-16 and UK Industrial Orders
Saar except m/m Mo/Mo Mar-10 Feb-10 Mar-10 Feb-10 Mar-10 Feb-10
Euro-Area Overview Mar
3Mo 3Mo 6mo 6mo 12mo 12mo
Total Orders 5.2% 1.9% -1.5% 24.5% 7.0% 17.3% 10.2% 19.2% 12.5%
 E-16 Domestic MFG orders 9.4% 1.7% -8.1% 9.5% -5.2% 5.4% 2.2% 11.7% 1.5%
 E-16 Foreign MFG orders 6.2% 6.8% -5.1% 33.9% 20.3% 25.7% 29.1% 26.5% 20.9%
Countries: Mar
3Mo 3Mo 6mo 6mo 12mo 12mo
 Germany (MFG): 5.7% 0.5% 5.5% 57.7% 17.5% 23.4% 16.1% 27.0% 24.7%
 France(Ind): 6.5% -1.0% -10.9% -22.4% 12.5% 2.2% 3.1% 10.6% -5.6%
  Italy (Ind): 1.0% -0.4% -2.8% -8.7% 6.2% 12.7% 25.2% 9.1% 5.5%
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