U.S. and Ezone Non-Manufacturing PMIs
The ISM’s non-manufacturing U.S. PMI, shown in the table below, dropped 2.4 points to 55.2 in March, and a U.S. services PMI compiled by Markit Economics declined 1.2 points to a 6-month low of 52.6. In contrast, Euroland’s PMI moved 0.5-point higher to 56.0, which is a 70-month peak. As a result, the U.S. non-manufacturing-minus-Ezone services PMI spread swung from +2.1 to -0.8 points. The sum of this differential and the manufacturing PMI spread between the two regions in the right-most column of the table collapsed from 4.4 points in February to just 0.2 points last month. Such is the least U.S. advantageous configuration since August 2016.
The U.S. non-manufacturing PMI, to be sure, remained comfortably above the 50 level that separates contraction from expansion. The slower growth was paced by declines of 4.7 points in production, 3.6 points in jobs, and 2.3 points in new business. The prices sub-component also dipped one full point.
Within Euroland, Germany’s services PMI of 55.6 was a 15-month high. Ireland’s index was at an 8-month low but the highest level in the bunch at 59.1. France’s 52.5 constitutes a 70-month high, while Italy’s 52.9 and Spain’s 57.4 print are 4- and 2-month lows.
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