HEADS UP: Economies around the world are releasing their February manufacturing purchasing managers index reports, and this is our scorecard.
The anecdotes from the reports will be scrutinized carefully as economists attempt to separate short-term weather-related disruptions from the longer-term economic trends.
During the month, the eastern U.S. was battered by winter storms while the western U.S. struggled with droughts. Droughts also hit Brazil, sending coffee prices surging. Indeed, temperatures around the world have actually been unusually warm.
In terms of the real economy, all eyes will be focused on China, which continues to show signs of slowing. On Saturday, we learned China’s official manufacturing PMI hit an 8-month low of 50.2. The unofficial HSBC PMI fell to 48.5, as output and new orders both declined for the first time since July 2013.
“Signs become clear that the risks to GDP growth are tilting to the downside,” said HSBC’s Hongbin Qu. “This calls for policy fine-tuning measures to stabilise market expectations and steady the pace of growth in coming quarters.”
Here’s our scorecard with highlights:
Japan: JMMA Manufacturing PMI: 55.5 — down from 55.5 in January
-Sharpest rate of job creation in seven years, Prices charged increase at sharpest pace since October 2008
Brazil: HSBC Manufacturing PMI: 50.4 — down from 50.8
-Input cost and output price inflation both accelerate
China: Official Manufacturing PMI: 50.2 — down from 50.5
-An eight-month low
Australia: Ai Group Manufacturing PMI: 48.6 — up from 46.7
-The exports sub-index collapsed to 25.8 from 34.1.
South Korea: HSBC Manufacturing PMI: 48.5 — down from 49.5
-The first sub-50 reading since September
China: HSBC Manufacturing PMI: 48.5 — down from 49.5
-Both output and new orders decline for the first time since July 2013.
Vietnam: HSBC Manufacturing PMI: 51.0 — down from 52.1
-Slower rises in output and new orders
Taiwan: HSBC Manufacturing PMI: 54.7 — down from 55.5
-Employment levels increase at the slowest rate in seven months
Indonesia: HSBC Manufacturing PMI: 50.5 — down from 51.0
-Manufacturing sector business conditions improve for sixth month running
India: HSBC Manufacturing PMI: 52.5 — up from 51.4
-Both output and new order growth at 12-month highs
Russia: HSBC Manufacturing PMI: 48.5 — up from 48.0
-Strongest decline in new orders since May 2009
Ireland: Investec Manufacturing PMI
Netherlands: NEVI Manufacturing PMI
Poland: HSBC Manufacturing PMI
Turkey: HSBC Manufacturing PMI
Spain: Markit Manufacturing PMI
Czech Republic: HSBC Manufacturing PMI
Italy: Markit/ADACI Manufacturing PMI
France: Markit Manufacturing PMI
Germany: Markit/BME Manufacturing PMI
Eurozone: Markit Manufacturing PMI
UK: Markit/CIPS Manufacturing PMI
Brazil: HSBC Manufacturing PMI
U.S.: Markit Manufacturing PMI
Canada: RBC Manufacturing PMI
Mexico: HSBC Manufacturing PMI
Global: JPMorgan Manufacturing PMI
Greece: Markit Manufacturing PMI
At the beginning of each month, Markit, HSBC, RBC, JP Morgan, and several other major data gathering institutions publish the latest local readings of the manufacturing purchasing managers index (PMI) for countries around the world. Read more about it at Markit.