Monday, August 23, 2010

Manufacturing PMI worse-than-expected in the EMU


Forex Special


Markit economics' release of the PMI in the Euro Area points to an ailing manufacturing sector. The sector's PMI dropped from 56.7 to 55.0, falling below expectations of a harmless decline to 56.4. Not everything is bad in the industry, "Manufacturers reported the faster increase in new orders, despite growth easing to the slowest of the year so far." according to the official release

The services sector followed in the trend, but managed to ease its fall. The EMU Services PMI was expected to remain unchanged at 55.8 but suffered a down tick to 55.6. Markits' post reflects: "Service providers saw a slight pick up in the rate of increase in new business."

Purchasing Manager Index Manufacturing

55.0
Actual
56.4
Consensus

Purchasing Manager Index Services

55.6
Actual
55.8
Consensus

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