Euro area business surveys (PMIs and IFO) showed renewed signs of life in March after the drops seen in the first two months of the year. Surveys also highlighted the contrasting trend between the manufacturing sector, dented by a subdued external environment, and the services sector. Flash PMIs above consensus expectations According to Markit’s preliminary […]
Euro area business surveys (PMIs and IFO) disappointed in January, partly as a reflection of global uncertainty related to EM growth and market volatility so far this year. PMIs survey: easing, but still at a high level According to Markit’s preliminary estimates, the euro area composite PMI eased from 54.3 in December to 53.5 in […]
Composite PMI: first increase after two month of decline In December, the flash euro area manufacturing PMI expanded by 1.1 points to 52.7, well above consensus expectations (51.9). By contrast, the flash euro area services PMI continued its downward trend by declining from 51.2 in November to 51.0 in December, below consensus expectations (51.5). As […]
The flash eurozone manufacturing PMI (Purchasing Managers’ Index) increased slightly from 51.3 in October to 51.5 in November, in line with consensus expectations. By contrast, the flash eurozone services PMI slipped by 0.7 points to 50.9 in November, weaker than consensus expectations (51.9). As a result, the composite PMI, which is a weighted average of […]
After six consecutive months of improvement, the euro area flash composite PMI decreased from 52.2 in September to 51.5 in October, while the consensus had expected further improvement (52.4). It is worth noting that today’s fall merely offsets the previous month’s increase and the index is still higher than it was at the beginning of […]
The eurozone flash manufacturing PMI decreased from 51.4 in August to 51.1 in September, a result that was against consensus expectations of 51.7. By contrast, the eurozone flash services PMI edged up by 1.4 points to 52.1 in September, above consensus expectations (51.0) and reached its highest level since June 2011. As a result, the […]
In July, euro area flash PMI surveys, based solely on Germany and France extended their upward trend and came in stronger than expected. Indeed, the flash euro area manufacturing PMI increased from 48.8 in June to 50.1 in July, above consensus expectations (49.1). Moreover, the flash euro area services PMI rose by 1.3 to 49.6 […]
However, we should not dramatize the situation: we have seen with previous episodes of the PMI falling below 50 that GDP growth was accelerating at the same time. Disappointing economic momentum is not only due to the impact of tightening measures (anti-corruption, property). Consumption has moderated on the back of slower wage growth. Despite the […]
Manufacturing PMI worse than expected For the second month running, the manufacturing PMI showed a decrease. Indeed, the flash euro area manufacturing PMI dropped to 46.5 in April from 46.8 in March, below consensus expectations (46.7). By contrast, the flash euro area services PMI posted a slight rise of 0.2 point to 46.6 in April, […]
The February 2013 issue of Perspectives is now available for downloading. Here are this month’s key figures. The latest PMI readings aggregated around the globe have moved back above the key threshold of 50, pointing towards economic expansion ahead. We should gradually get confirmation of this upturn in the global economy over the next few […]
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