Happy European PMI day!
The purchasing managers’ index (PMI) is constructed based on how companies think their own output and orders are going, and offers an insight into the economy weeks or months before official hard data is published. Today, it’s the turn of the manufacturing sector.
The industrial recovery has been generally lagging behind the service sector in European and elsewhere.
Anything over 50 indicates that a sector is growing, while anything below signals contraction. The higher the number, the better.
Here’s what we’ve got so far
- Spain: 51.3 (51.9 expected, 51.7 previous)
- Italy: 54.1 (52.9 expected, 52.7 previous)
- France: 50.6 (50.7 expected, 50.6 previous)
- Germany: 52.1 (51.6 expected, 52.3 previous)
- Eurozone: 52.3 (52 expected, 52 previous)
The Spanish figure is disappointing, coming in at the lowest level since the end of 2013, not long after the country exited a painful recession which left the unemployment rate above 20% (where it still sits).
It’s also a little worrying that with the Spanish economy still so depressed in terms of output and employment, the economy’s rebound seems to be cooling off a little.
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