Global| May 25 2010EMU Order Growth Rates Stay Strong In Manufacturing
Summary
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 [...]
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 10 |
Feb 10 |
Jan 10 |
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 10 |
Feb 10 |
Jan 10 |
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% |
Robert Brusca
AuthorMore in Author Profile »Robert A. Brusca is Chief Economist of Fact and Opinion Economics, a consulting firm he founded in Manhattan. He has been an economist on Wall Street for over 25 years. He has visited central banking and large institutional clients in over 30 countries in his career as an economist. Mr. Brusca was a Divisional Research Chief at the Federal Reserve Bank of NY (Chief of the International Financial markets Division), a Fed Watcher at Irving Trust and Chief Economist at Nikko Securities International. He is widely quoted and appears in various media. Mr. Brusca holds an MA and Ph.D. in economics from Michigan State University and a BA in Economics from the University of Michigan. His research pursues his strong interests in non aligned policy economics as well as international economics. FAO Economics’ research targets investors to assist them in making better investment decisions in stocks, bonds and in a variety of international assets. The company does not manage money and has no conflicts in giving economic advice.
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