Final Estimates for November Manufacturing PMIs Outside the U.S.

Purchasing managers in manufacturing outside the U.S. were relatively optimistic in November. There were more upgrades than downgrades in the diffusion indexes that measure the opinions of the purchasing managers as evidenced in the table below.   

The diffusion index for China  rose from 49.5% to 50.5%, the first time it was above the 50% mark in several months as can be seen in the first chart.  The diffusion indexes for Brazil, India, the US, Mexico, Denmark, and Poland--all in the expansion phase--increased further.   The diffusion indexes for the Euro Area, as a whole, South Korea, South Africa, the UK, Czech Republic and Switzerland rose from October to November, but were still below the 50 mark.

While still in the expansion phase, the diffusion indexes for manufacturing declined  in Russia, from 52.9% in October  to 52.2%In November.  The corresponding data for Indonesia were  from 51.9% to 51.5%,  for Canada, from 51.4% to 50.3% and for Turkey, 52.5% and 51.6%.  Finally, there are a few countries--Japan Singapore, Taiwan and Australia--which were below the 50 mark. and which declined further in October to November.

Purchasing Managers Index Improving  and >50 Nov-12 Oct-12 Improving but < 50 Nov-12 Oct-12 China 50.5 49.5 Euro 46.2 45.4 Brazil 52.2 50.2 Korea 48.2 47.4 India 53.7 52.9 South Africa 49.5 47.1 U.S. 52.8 51.0 U.K. 49.1 47.3 Mexico 55.6 55.5 Czech Republic 48.2 47.2 Denmark 56.7 55.1 Switzerland 48.5 46.1 Poland 55.6 55.5 Deteriorating but >50 Nov-12 Oct-12 Deteriorating and <50 Nov-12 Oct-12 Russia 52.2 52.9 Japan 46.5 46.9 Indonesia 51.5 51.9 Singapore 48.3 48.7 Canada 50.3 51.4 Taiwan 47.3 47.87 Turkey 51.6 52.5 Australia 43.6 45.2