Germany Leads PMI Charge For September

While Euro Area manufacturing had a strong performance in September with a PMI reading 53.7 percent, German manufacturers led the charge with a 4.2 percent increase over August to hit a IHS Markit/BME reported figure of 56.4 percent. That represented the best expansion in the sector since July 2018 while the new order growth figure was among the strongest reported months since 1996. Improved demand across Europe, China and Turkey also saw new export orders reach the highest level for Germany since December 2017.

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August PMI Figures Continue Upward Trend

US manufacturers continue to lead the global trend for PMI growth as ISM® reported a PMI of 56 percent for August. While the Euro Area figure slipped from 57.8 to 57.1, Germany and Italy both saw improvement after entering growth territory the previous month.

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US PMI Leads the Charge in July

The Institute for Supply Management® (ISM®) reported a July PMI of 54.2 percent for US manufacturers. That was up 1.6 percent from the June figure and was the highest point since March 2019.

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Brush News

June PMI Numbers Move Into Growth Territory

The Institute for Supply Management® reported a US PMI of 52.6 percent for June which represents the first month back to growth territory since the COVID-19 shutdowns. In fact, the figure eclipsed a strong pre-COVID January number of 50.9 and is the highest month for US manufacturing since April of 2019. The promising June performance rolled out to other countries as well, with China continuing to progress as the Caixin Manufacturing index reported a 51.2 number. The Euro Zone, Germany and Italy also showed improvement, but all remained in contraction territory under the 50 percent mark.

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China and Italy Showcase the May PMI Numbers

While the Institute for Supply Management® reported a slight uptick to a 43.1 percent PMI for US manufacturers in May, Italy saw a strong rebound from an all-time low of 31.1 in April to 45.4 in May, which pushed the country above their six-month PMI moving average. In addition, China’s manufacturing index bumped up to growth territory with a Caixin Manufacturing index of 50.7 percent in May after showing a slight dip in April.

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March PMI Reflects Pandemic Impact

ISM® MANUFACTURING PMI: 24-Month History

Six month moving average shown. Source date: ISM®.

 

The COVID-19 pandemic looks to have snuffed out an expansion that wanted to kick off at the start of the year as the Institute for Supply Management® reported a PMI of  49.1 percent for March. Based on the overall economy, the drop from 50.1 percent in February seems relatively modest. Comments from the ISM® report and panel reflect intense concerns about the future outlook as the world economy is heading into the unknown.

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