The PMIs are out and here’s the wrap. Let’s begin with the good news. The US’s nice run continues, not lighting up the night, but decent nonetheless, up 1% to 53.4. A chart from Calculated Risk:
And from the ISM itself:
You can see the internals were marginally less encouraging with new orders down 0.4% and inventories up a little. Exports down a lot at -5.5%.
The good news continued in North Asia. Following yesterday’s official Chinese PMI, Japan, Korea and Taiwan all posted modest growth. Japan was up 0.6% to 51.1:
Taiwan was up 1.4 points to 52.7:
And South Korea was up 1.4 points to 52:
The Eurozone, on the other hand, was a dog down 1.3% to 47.7 (see much more here):
The balance of these surveys was a fall 0.1 to 51.1 for the global PMI:
Going nowhere fast and more worrying is the internals. The great global monetary experiment that’s been underway for six months or so now has produced a muted bounce in activity but far more powerful response in input costs with new orders still weakening:
The global zombie limps on.
