Two-Thirds Of Global PMIs Decline In May

Tyler Durden's picture

While we await today's US Manufacturing ISM number (expected to rise from 54.9 to 55.5), here is how some 23 of the world's most important countries fared in May in their manufacturing data. In brief: as the below table shows, out of the 23 countries that have reported so far, 8 reported improvements in their manufacturing sectors in May, while 15, or two-thirds, recorded a weakening in mfg data from April. That's the bad news, and an indication that the latest upswing in the global manufacturing economy may be ending. The good news: despite the modest decline, there were only 7 countries "contracting" or in negative territory (below 50) and 16 in positive. In particular, France, Korea, and Norway moved from expansion to contraction.

Some drilldown on the data from Bank of America:

China: Manufacturing PMI came in at 50.8 in May up from 50.4 in April and above consensus expectations of 50.7.

Italy: Manufacturing PMI came in modestly weaker than expected in May, falling to 53.2 from 54.0 in April with expectations at 53.6. However, the decline only reverses half of the strong gain in the previous month, so over 2Q 2014, the PMI is still notably stronger than 1Q.

France: In May, the final Manufacturing PMI was revised up a touch to 49.6 from 49.3 initially, though notably below 51.2 in April.

Euro: In May, the final Manufacturing PMI was revised down to 52.2 from 52.5 initially and down from 53.4 in April. Expectations were for a slightly higher 52.5. The May print may be explained by the small upward revision for France being more than offset by the downward revision to Germany and weaker than expected releases for Spain and Italy.

UK: In line with market expectations, the Manufacturing PMI edged down to 57.0 in May from 57.3 in April. Still, the UK PMI data are at very strong levels and above the pre-crisis average of about 51.

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Cattender's picture

it's a Recovery!!!!!

jbvtme's picture

these tailor made ads in the margins of the i the only one seeing ads for depends?

Vampyroteuthis infernalis's picture

jbv, get adblock plus for your browser and the ads go away. What kind of grannie porn are you surfing anyways? ;) 

SanfordandSon's picture

Appears that the short growth because there is less and less of it and the long paper because there is more and more of it continues. 

The rich get richer, more powerful and the poor, well nothing beats the feeling of a boot on your neck...

As for me and Lamont its all a bunch of junk.  The only reset button we could find is in Russian and it isn't spelled correctly.  Can hardly wait until either she or Lizzy Warren occupy white house, aka the commie den.

orangegeek's picture

But the global economy isn't contracting because all these PMI's are magically above 50.


Isn't that fucking amazing???? 


USD on the rise today.  Commodities on the slide.  But those Yellen run US indexes are holding.

RadioactiveRant's picture

Its only manufacturing, thats third world economy stuff. Developed economy is about painting nails and opening doors for each other. Wait till the services number prints.

MFL8240's picture

Clown show! I know of no one who believes any of thes made up reports!

SheepDog-One's picture

If PMI rises that's bullish, if PMI declines that's bullish. OK any other questions?

pods's picture

Well it seems the world is following the same fateful course of the USS Thresher.


AntiFabian's picture

Ours is only showing a small rise due to the posting of the order for 10 new attack subs by the Navy for a total of nearly 18 billion.  Without that we'd be negative.  Do really need 10 more subs, we dominate the enemy in sub tech and numbers of subs.  Would've been better to spend that on the VA.

PTR's picture

Momentum- you have it until you don't.