The global manufacturing PMI continues its sideways movement since March, when it had declined due to the war in Ukraine. May saw a weakening in the US and the euro area, where in particular Italy recorded a considerable decline. In Australia the PMI recorded a big drop. China saw a rebound following the easing of mobility restrictions. In India the PMI has been stable at a high level for several months and Vietnam saw a sizeable improvement in May.
The services PMI was down in the US and the euro area, where in particular Germany was confronted with weaker data, although still well above the 50 mark. In the UK, the index recorded a huge drop. Japan is benefiting from better data and in India the already elevated index moved higher again in May.
There was good news in terms of manufacturing employment. Hiring intentions moved higher in the US and in the euro area, where they were up strongly. The opposite happened in Australia. The data for Japan were marginally better whereas they were weaker in China compared to April.
New export orders continue to be a source of concern. The global number was down, the US recorded a drop and the number for the euro area was also weaker on the back of a poor performance of Germany, Italy and the Netherlands. Australia saw a big drop and Japan was also weaker. China recorded an uptick from a very low level and India, which was also strong, benefited from a further improvement.
The global manufacturing input price PMI declined in May but stays at a very elevated level. This is a widespread phenomenon. The US moved higher still and in the euro area, the index declined.
The global manufacturing output price PMI declined in May, converging to it February level. There was a decline in the US and the euro area. Italy recorded a big drop. The UK was also down.
The global manufacturing delivery times shortened (this shows up in higher numbers). This also applies to the US, the euro area and the individual euro area countries. China also saw an improvement.
In services, the input prices PMI hardly changed in the US but declined in the euro area, although the behaviour of individual countries was heterogeneous. The index was up in France but down in Germany and Spain. Japan also recorded an increase.
MANUFACTURING PMI
SERVICES PMI
MANUFACTURING PMI – EMPLOYMENT
MANUFACTURING PMI – NEW EXPORT ORDERS
MANUFACTURING PMI – INPUT PRICES
PMI - MANUFACTURING OUTPUT PRICES
PMI - MANUFACTURING DELIVERY TIMES
PMI - SERVICES - INPUT PRICES
