World manufacturing eats braaaaains

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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:

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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:

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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):

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The balance of these surveys was a fall 0.1 to 51.1 for the global PMI:

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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.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.