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Flash PMI Round-up

We had some big PMI reports come out overnight so let’s summarize the data (via Markit):

USA PMI modestly expanding at 51.5 – Key points: 

  • ƒ Average PMI reading for third quarter as a whole lowest since Q3 2009
  • ƒ Slowest rise in output for three years in September
  • ƒ Modest increase in employment
  • ƒ Input price inflation at four-month high, but still much weaker than at start of 2012

Eurozone PMI still deep in contraction at 45.9.  Key points:

  • ƒ Flash Eurozone PMI Composite Output Index at 45.9 (46.3 in August). 39-month low.
  • ƒ Flash Eurozone Services PMI Activity Index at 46.0 (47.2 in August). 38-month low.
  • ƒ Flash Eurozone Manufacturing PMI at 46.0 (45.1 in August). Six-month high.
  • ƒ Flash Eurozone Manufacturing PMI Output Indexat 45.5 (44.4 in August). Five-month high.
  • Flash Germany Composite Output Index at 49.7 (47.0 in August), 5-month high.
  • Flash France Composite Output Index falls to 44.1 (48.0 in August), 41-month low.

China PMI was flat at 47.8, still contracting.  Key points:

  • „ Flash China Manufacturing PMI at 47.8 (47.6 in August). 2-month high.
  • „ Flash China Manufacturing Output Index at 47.0 (48.2 in August). 10-month low.


It’s a pretty mixed bag overall.  The data out of Europe is still ugly and Chine is still modestly contracting.  The USA looks like the best house in a bad neighborhood.




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