Global| Jun 01 2009UK MFG Is On The Mend... So Is Europe And The US
Summary
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 [...]
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 | |||||||
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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