In The Last 24 Hours, We Learned The True State Of The Global Economy

Photo: Flickr / Laura4Smith

Over the last 24 hours, all eyes have been on the releases of the world’s purchasing manager’s index (PMI) reports, and Business Insider has been covering them live.According to Goldman Sachs’ Dominic Wilson, the information provided in these reports offered crucial read on the health of the global economy.

In aggregate, the JPMorgan Global Manufacturing PMI, a weighted average of all of the reports, was basically unchanged.  The March figure ticked down to 51.1 versus 51.2 in February.

A reading above 50 signals expansion in the industry.

The basic lesson we learned was this: The Eurozone is in a world of trouble. Peripheral PMI readings were weak, and core countries are dropping below 50. Basically the only bright post was Ireland. France was particularly bad.

In Asia, the numbers were mostly good, although an alternative reading for China, the HSBC one, showed ongoing weakness. Australia was also mediocre.

What follows is a compete round-up of all of the major PMI reports that have been released in the last 48 hours.

Chinese PMI reports were a split decision

There are two Chinese PMI reports, and they were a split decision.

The official one was very strong, surging to 53.1 in March.

On the other hand, the HSBC one showed continued collapse in the rate of growth.

Specifically, it was inflation ticking higher and manufacturing employment down at a rate unseen over the past three years.

Source: Markit

Netherlands Manufacturing PMI Drops to 49.6

The Netherlands saw stagnant production and a decline in new orders in March. The index dropped to 49.6 from 50.3 in February, which points to a slight decline in operating conditions.

Source: Markit

South Korea Manufacturing PMI Rises to 52.0

Increased employment, along with new work expected to develop further, South Korea's PMI rose to 52.0 in March, up from 50.7 in February. This marks a one-year high for the index but with only a moderate rate of growth.

Source: Markit

Taiwan Manufacturing PMI Rises to 54.1

For the second consecutive month, Taiwan's Manufacturing PMI signals growth of manufacturing output. Cost inflationary pressures continue to ruse and further increase in purchasing is necessary to meet higher production requirements. The index recorded a 54.1 mark in March compared to a 52.7 mark in February.

Source: Markit

Australia Manufacturing PMI Drops to 49.5

After expanding for three consecutive month, manufacturing activity declined slightly in March. Sitting at a 51.3 mark in February, the index now sits at 49.5. Clothing, footwear, wood products, and furniture sub-sectors all contracted, which hurt manufacturing activity and led to the lower PMI mark this past month.

Source: Markit

Russia Manufacturing PMI Rises to 50.8

For six consecutive months, Russia's PMI has remained above 50. Despite that, the index was relatively unchanged at 50.8 compared to February's 50.7. Employment fell for the first time in five months while input price inflation has remained subdued. Business expansion has been relatively lackluster as of late.

Source: Markit

India Manufacturing PMI Drops to 54.7

India's PMI in March fell to 54.7 from February's 56.6 mark. Marginally increased employment and backlogs rising at the fastest pace in survey history were cited as reasons for the decline from the previous month.

Source: Markit

Ireland Manufacturing PMI Rises to 51.5

With the fastest rise in new business since May of 2011, Ireland's PMI has increased to 51.5 in March from 49.7 in February. Employment also increased for the first time in three months.

Source: Markit

Poland Manufacturing PMI Rises to 50.1

Coming in at a mark of 50.0 in February, Poland's PMI rise to 50.1 in March is slight. Input price inflation remains strong and output growth remains lackluster. Operating conditions are also relatively unchanged. Overall, not much changed in Poland.

Source: Markit

Turkey Manufacturing PMI Remains at 49.6

Coming in at an identical 49.6 mark, Turkey's PMI was unchanged in March compared to February. Finishing slightly below the 50.0 barrier, output and new order volumes both continued to decline. Employment has slowed but is still relatively solid.

Source: Markit

Spain Manufacturing PMI Drops to 44.5

With a heavy decline in new orders and strong rise in input costs, Spain's PMI dropped to 44.5 in March from 45.0 in February. Outputs have fallen at a faster pace than in any of the past three months.

Source: Markit

Czech Republic Manufacturing PMI Rises to 52.1

After finishing below the 50.0 barrier for three consecutive months, the Czech Republic's PMI hit a six-month high of 52.1 in March. With stabilizing employment and eases in inflation, along with faster growth of production, the Czech Republic saw a huge improvement this past month.

Source: Markit

Italy Manufacturing PMI Rises to 47.9

Although Italy's PMI rose to 47.9, it was relatively unchanged from February's 47.8 mark. This marked the sixth consecutive month that the country's PMI was below the 50.0 barrier. Cost inflation is down slightly from the nine-month peak in February, but new business has dropped at an exceedingly fast rate.

Source: Markit

France Manufacturing PMI Drops to 46.7

New orders fell and input price inflation rose to a nine-month high, driving France's PMI down to 46.7 from 50.0 in February. After settling in right at the 50.0 barrier that determines growth or contraction, France fell sharply in a poor month of March.

Source: Markit

Germany Manufacturing PMI Drops to 48.4

After sitting at 50.2 in February, Germany's index dropped sharply to 48.4 in March. With growth at a marginal price and new work declining at a rate faster than any of the past three months, the index fell significantly.

Source: Markit

Eurozone Manufacturing PMI Drops to 47.7

The Eurozone index fell to a three-month low of 47.7 in March, down from 49.0 in February. Cost pressures have built and further signs that manufacturing weakness is spreading were main causes for the drop this past month.

Source: Markit

Greece Manufacturing PMI Rises to 41.3

Still far off the 50.0 barrier, Greece rose to a 41.3 mark in March. After a 37.7 mark in February, the increase was significant. However, job losses are the greatest in three years and fears of non-payment worry the business climate.

Source: Markit

UK Manufacturing PMI Rises to 52.1

UK Manufacturing PMI rose to a 10-month high of 52.1, up from 51.5 in February. Input price inflation hit its seven-month peak and both the growth of production and new orders improved over the past month.

Source: Markit

Brazil Manufacturing PMI Drops to 51.1

An increase in output and new orders led to a small increase of 51.1 from the last survey period of 51.4. Job creation slowed to a marginal pace and new export work fell for the twelfth straight month.

Source: Markit

Global Manufacturing PMI Drops to 51.1

While the Global Manufacturing PMI drops to 51.1, it remained relatively constant as it came in at 51.2 in February. Production expanded for the fourth consecutive month and new orders increased as well. The increase was modest, but it was an improvement.

Source: Markit

Finally, the US ISM jumped to 53.4

The final report of the day was the US' ISM report.

It came jumped to 53.4, beating expectations, and showing strong gains in employment.

There's still plenty to be worried about.

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