The global manufacturing PMI has been stable since the month of August although over the same period, the data have weakened in the US and the Eurozone, whilst staying well above the global level. Focusing on November, there was a significant improvement in France and Italy and even more so in Australia. The recent upward trend continues in Japan where the PMI is now solidly above the 50 level. The Czech Republic, South Africa and India saw particularly strong increases.
The global manufacturing employment PMI has been without a clear direction since the end of the summer. In November, the data for the US and the Eurozone weakened slightly but in the latter’s case, the level remains high. The numbers are particularly strong in Italy with a jump in November. French data were also a lot better. The strong improvement continues in the UK. The index declined in China, thereby neutralizing the improvement seen in October. For the past four months it has been just below 50.
The global manufacturing new export orders PMI has been on a declining trend since its peak in May but November has seen a welcome rebound. The considerable decline of the US index has given way to a slight improvement whereas in the Eurozone the November number was a bit weaker. Within the Eurozone, the index for France and Spain have recorded a sizeable increase. The Czech republic has seen a big improvement. In the UK and in China, the index remains stuck just below 50 and the improving trend continues in Japan. The export order assessment of Australian companies has jumped but this series have been particularly volatile.
The global manufacturing input prices PMI, after jumping in October, has dropped almost as much in November. However, at 71.5 the level remains very high. The index increased in the US reaching the highest level this year (87.6). The reading eased in the Eurozone, but here again, the level is extremely elevated (88.9). Within the Eurozone, France and Ireland saw a large drop in price pressures. The increased in Greece, Italy and Spain. Input prices are moving significantly higher in the UK, Japan, Brazil, the Czech republic, Poland, Russia, Turkey and Vietnam. There was a –hard to explain- big drop in input price pressure in China.
The global manufacturing output prices PMI declined in November, correcting part of the jump seen in October. The US recorded a big drop after the huge increase the month before. In the Eurozone, output prices continued moving higher, reflecting an increase in the majority of countries. Looking at the big changes compared to October, one should note the increase in Turkey and Vietnam and the drop in Poland.
MANUFACTURING PMI
SERVICES PMI
COMPOSITE PMI*
MANUFACTURING PMI – EMPLOYMENT
MANUFACTURING PMI – NEW EXPORT ORDERS
PMI - MANUFACTURING INPUT PRICES 
PMI: SERVICES - INPUT PRICES
PMI - MANUFACTURING OUTPUT PRICES
