It’s the first day of the month and that means its PMI day for the manufacturing sector. While the figures for the US will be released later this morning, PMI readings out of Asia and Europe have been mixed so far. The table to the right lists all the datapoints for March that we have seen so far today sorted by the m/m change from February to March. Countries leading the way with the biggest m/m gains this month were Turkey, Norway, and India. Overall, of the ten countries where growth accelerated this month, six of them were in Asia, while four were in Europe. Along with the Eurozone region as a whole, Germany’s manufacturing PMI was also unchanged at a lofty 58.3. To the downside, fifteen PMI readings showed m/m declines in March led lower by Hungary, Greece, and Spain. In terms of the geographical breakdown, 11 of the 15 countries that saw m/m declines in March came from Europe, whereas just three were in Asia.
Finally, we would note that although more countries saw sequential declines in their March manufacturing PMIs, just three (Malaysia, South Korea, and Greece) have levels that are below 50. For the vast majority of the world, the manufacturing sector is in growth mode.