As I mentioned in an earlier post on Europe, a slew of manufacturing data was released today. When I wrote the first post, Europe and Asia had been released but the US had not. SInce then, the US numbers came out showing a shock contraction. Here are some thoughts on the numbers overall. I have three threads to discuss: data analysis, second derivatives, and secular patterns.
Read the first post to see the PMI and links to data for Europe and Asia. My general tone there was upbeat. But I do have some caveats.
Here is what has been posted by Markit on twitter on the North American and global data since then:
Global manufacturing growth and oil prices charted since 2005 #PMI http://twitpic.com/cv3dsn
Research note on Global manufacturing #PMI data added to our commentary site: http://...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.