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Markit: Eurozone Manufacturing Slipped a Bit from a Six-Year High in July; U.S. Growth Picked Up

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After soaring to new multiyear highs in each of the last few reports, the IHS Markit Flash Eurozone Manufacturing PMI declined from 57.4 in June, a level not seen since April 2011, to 56.8 in July, a three-month low. Despite the somewhat slower growth in this latest survey, the underlying trend remains positive, with European manufacturers continuing to expand at decent rates. New orders (down from 58.7 to 57.1) and output (down from 58.7 to 56.9) decelerated in July but mostly reflected strong growth, with exports (unchanged at 57.4) and employment (up from 55.9 to 56.0) remaining promising. In a similar way, the future output index (down from 67.4 to 66.5) indicated healthy expectations for the next six months, albeit with some easing. The forward-looking index had been at its highest point since it was introduced in mid-2012 in June, and the current data is not far from that level. Read More

IHS Markit: Eurozone Manufacturing at Six-Year High in June; U.S. Growth Slowest Since September

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The IHS Markit Flash Eurozone Manufacturing PMI rose from 57.0 in May to 57.3 in June, once again its fastest pace since April 2011. This suggests that manufacturers in Europe have mostly brushed off political uncertainties, with economic growth on the continent continuing to trend in the right direction. New orders (up from 57.8 to 58.5) and output (up from 58.3 to 58.5) accelerated somewhat in June, with both at levels not seen since early 2011. At the same time, exports (down from 57.5 to 57.4) and employment (down from 56.1 to 56.0) edged lower for the month but remained encouraging overall. Looking ahead six months, the future output index reflected healthy expectations moving forward (up from 66.0 to 67.3), with that measure at its highest point since it was introduced in mid-2012. In addition to data for Europe as a whole, IHS Markit also released preliminary figures for France (up from 53.8 to 55.0) and Germany (down from 59.5 to 59.3), which were both promising despite mixed results in June.

Meanwhile, the IHS Markit Flash U.S. Manufacturing PMI eased to its slowest growth rate since September, down from 52.7 in May to 52.1 in June. It was the fifth consecutive monthly decline, down from 55.0 in January, which was the fastest growth rate in nearly two years. Nonetheless, we continue to see modest growth overall in the sector nationally, even with some softer data in most of the key variables, including new orders (down from 53.4 to 51.6), output (down from 53.3 to 52.9) and exports (down from 51.3 to 51.0). In contrast to those figures, hiring picked up somewhat in June (up from 51.9 to 52.4). While manufacturing activity in the United States was perhaps weaker than desired in this latest survey, respondents continued to be mostly optimistic about future output (down from 66.5 to 66.1), even with a slight easing in this report.

IHS Markit: Eurozone Manufacturing Activity Rose Again in May to Another Six-Year High

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The IHS Markit Flash Eurozone Manufacturing PMI inched up from 56.7 in April to 57.0 in May, its fastest pace since April 2011. This suggests that manufacturers in Europe have mostly brushed off political uncertainties, with economic growth on the continent continuing to trend in the right direction. The underlying data were encouraging, including new orders (unchanged at 57.7), output (up from 57.9 to 58.4), exports (up from 57.4 to 57.6) and employment (up from 55.5 to 56.2). Activity in Germany (up from 58.2 to 59.4) mirrored the larger Eurozone headline number, with its manufacturing PMI figure also rising to a 73-month high. At the same time, French manufacturers (down from 55.1 to 54.0) cited modest expansions in activity in May, even as it pulled back from April’s six-year high. The larger story for France, though, is that its manufacturing sector has expanded for eight straight months – a sign that its growth is beginning to turn around.

Meanwhile, the IHS Markit Flash U.S. Manufacturing PMI eased to its slowest growth rate since September, down from 52.8 in April to 52.5 in May. It was the fourth consecutive monthly decline, down from 55.0 in January, which was the fastest growth rate in nearly two years. Nonetheless, we continue to see modest growth overall in sector nationally, even with decelerated accelerations across-the-board. This includes new orders (down from 53.7 to 53.4), output (down from 53.4 to 53.3), exports (down from 52.1 to 51.3) and hiring (down from 52.5 to 51.9). Looking ahead 12 months, manufacturers in the U.S. continued to be optimistic about future output (up from 65.9 to 66.5).

Markit: Eurozone Manufacturing Activity Rose Again in April to Another Six-Year High

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The Markit Flash Eurozone Manufacturing PMI rose from 56.2 in March to 56.8 in April, its fastest rate since April 2011. While there continues to be a lot of political uncertainty on the continent, survey respondents in the sector have mostly brushed aside such concerns. Instead, they have focused on the fact that the Eurozone economy has trended generally in the right direction in recent months, with activity accelerating at a modest rate, and the headline PMI has trended higher since bottoming out at 51.2 in February 2016. Despite an election in France this weekend that could be quite consequential, depending on the results, manufacturing activity in that country (up from 53.3 to 55.1) accelerated to its fastest rate since April 2011, helping to lift the Eurozone data. At the same time, Germany (down from 58.3 to 58.2) edged slightly lower from its six-year high in April, but remained quite strong. Read More

Markit: Eurozone Manufacturing Activity Rose in March at Fastest Rate Since April 2011

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The Markit Flash Eurozone Manufacturing PMI rose from 55.4 in February to 56.2 in March, its fastest rate since April 2011. As such, the continent’s economy continues to move in the right direction, with activity accelerating at a modest rate. The headline PMI has trended higher since bottoming at 51.6 thirteen months ago. The underlying data were mostly higher in March. New orders (up from 56.1 to 56.9), exports (up from 55.5 to 56.2) and employment (up from 54.3 to 55.1) each accelerated in the latest survey. In addition, output (down from 57.3 to 57.2) continued to expand rather strongly despite easing a little in this survey. Likewise, respondents remained upbeat about future output (down from 66.7 to 66.3) even though that measure has pulled back for the second straight month from January’s three-year high. Read More

Markit: Eurozone Manufacturing Activity Rose at Fastest Rate Since April 2011

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The Markit Flash Eurozone Manufacturing PMI rose from 55.2 in January to 55.5 in February, its fastest rate since April 2011. As such, the continent’s economy continues to move in the right direction, with activity accelerating at a modest rate. The headline PMI has trended higher since bottoming out at 51.2 one year ago. The underlying data were mostly higher in February. New orders (up from 56.0 to 56.1), output (up from 56.1 to 57.2) and exports (up from 55.2 to 55.5) each accelerated somewhat in the latest survey. Hiring growth also continued to be promising despite pulling back a little from its quickest pace in nearly six years (down from 55.0 to 54.6). Likewise, respondents remained upbeat about future output (down from 66.9 to 66.3) even though that measure eased from its highest point since January 2014 in this release. Read More

Markit: U.S. Manufacturing Activity in January Grew at Strongest Rate Since March 2015

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The Markit Flash U.S. Manufacturing PMI grew from 54.3 in December to 55.1 in January, its highest level since March 2015. This mirrored faster pace of expansions for new orders (up from 55.6 to 57.3), output (up from 55.1 to 56.7) and exports (up from 50.3 to 51.1). Demand growth was the strongest since September 2014. On the other hand, employment (down from 54.1 to 53.3) decelerated a bit in January but remained mostly encouraging. Looking ahead 12 months, manufacturers were optimistic about future output (up from 64.3 to 69.4), with that forward-looking index at a nine-month high. Overall, this report provides some encouragement for manufacturers, many of whom have been rather cautious in their economic outlook for much of the past two years. Read More

Markit: U.S. Manufacturing Output in December Grew at Strongest Rate Since March 2015

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The Markit Flash U.S. Manufacturing PMI edged up from 54.1 in November to 54.2 in December, a 21-month high. This mostly mirrored assessments about new orders growth (up from 55.5 to 55.6), which also expanded at the fastest pace over that time frame. Other indicators were mixed but encouraging. Employment expanded at its highest rate in 18 months (up from 52.4 to 54.1), whereas output grew modestly but pulled back a little in December (down from 56.0 to 55.1). On a more disappointing note, exports slowed to a near crawl but were positive for the sixth time in the past seven months (down from 51.0 to 50.3). Softer international demand, however, should not be surprising given the strong U.S. dollar. Overall, this report provides some encouragement for manufacturers, many of whom have been rather cautious in their economic outlook for much of the past two years.

Meanwhile, it was a similar story at year’s end in Europe. The Markit Flash Eurozone Manufacturing PMI increased from 53.7 in November to 54.9 in December, a level not seen since April 2011. As such, the continent’s economy continues to move in the right direction, with activity accelerating at a decent rate. The headline PMI has trended higher since bottoming out at 51.2 in February. The underlying data were higher across the board in December, including new orders (up from 54.4 to 56.1), output (up from 54.1 to 56.1), exports (up from 54.1 to 54.7) and hiring (up from 53.4 to 53.7). In addition, manufacturers in France (up from 51.7 to 53.5) and Germany (up from 54.8 to 56.8) were also more upbeat. In particular, French manufacturing activity expanded at its fastest pace in 67 months, an impressive accomplishment given that the data were in contraction territory as recently as September.

Markit: U.S. Manufacturing Output in November Grew at Strongest Rate Since March 2015

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The Markit Flash U.S. Manufacturing PMI rose from 53.4 in October to 53.9 in November, a 13-month high. More importantly, output grew at its strongest rate since March 2015 (up from 55.3 to 56.0), a sign that U.S. manufacturing activity has continued to stabilize from softness earlier in the year. Indeed, the headline index bottomed out in 2016 at 50.7 in May, and it has averaged 52.0 year-to-date through the first 11 months. Beyond production, other key indices were also stronger in November, including new orders (up from 54.7 to 55.5), exports (up from 50.9 to 51.0) and hiring (up from 51.6 to 52.4). Overall, this report provides some encouragement for manufacturers, many of whom have been rather cautious in their economic outlook for much of the past two years.

Meanwhile, the Markit Flash Eurozone Manufacturing PMI increased from 53.5 to 53.7, its fastest pace since January 2014. As such, the continent’s economy continues to move in the right direction, with activity accelerating at a modest pace. Overall, the headline PMI has trended higher since bottoming at earlier in the year at 51.2 in February. New orders (up from 53.8 to 54.5) and exports (up from 53.4 to 54.1) were both stronger in this report. Yet, output (down from 54.6 to 54.1) and employment (down from 53.7 to 53.5) each pulled back a little in this survey despite expanding at a still-decent rate. In addition, manufacturers in Germany (down from 55.0 to 54.4) and France (down from 51.8 to 51.5) also reported some easing in growth in November, even as the underlying data continues to be quite positive for both.

Markit: Eurozone Manufacturing Activity Accelerated in October to a 2½-Year High

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The Markit Flash Eurozone Manufacturing PMI increased from 52.6 in September to 53.3 in October, its fastest pace since March 2014. As such, the continent continued to brush off post-Brexit worries, with activity accelerating in October at a modest pace. Overall, the headline PMI has trended higher since bottoming out at earlier in the year at 51.2 in February. The underlying indices were mostly higher, including new orders (up from 53.4 to 53.6), output (up from 53.8 to 54.4) and employment (up from 52.1 to 53.7). The only weakness was exports (down from 53.3 to 53.0), which pulled back slightly but remained a fairly decent pace of expansion. Read More