Today's flash PMIs reveal a divided Europe, with Germany heading for stronger growth while the recession appears to be deepening in France. The disappointing French PMIs could partly reflect the recent focus on growth defeating domestic policies.
Euro area manufacturing PMI increased from 46.1 to 47.5. Though still below 50, it is consistent with a very small amount of positive growth. This is the first time we have seen this signal since early 2012. New orders increased sharply driven by an increase in export orders in line with expectations that increased demand from the rest of the world will play an important role in getting the euro area out of recession.
The euro area continues to face headwinds but they appear to be fading. The crisis sentiment in financial markets has all but disappeared and we expect this to spill over to the real economy soon. The order-inventory balance signals further improvement in PMIs in the coming months. The signal from our six-month forward model is less strong.
To Read the Entire Report Please Click on the pdf File Below.
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Euro Area PMIs Show A Divided Europe
Published 01/24/2013, 07:41 AM
Updated 05/14/2017, 06:45 AM
Euro Area PMIs Show A Divided Europe
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