U.S.-Minus-Eurozone Service PMI Spread Negative
February 3, 2016
The U.S. non-manufacturing purchasing managers index conducted by the Institute of Supply Management printed at 53.5 in January. It’s a measure of activity growth in which scores of 50.0 separate expansion from contraction, and such was lower than Euroland’s service-sector PMI (53.6) in February for the first time in around two years. The U.S. index fell 2.3 points to a 23-month low, while Euroland’s measure marked a 12-month low but was only 0.6 points below the level in December. Markit Economics, which compiles Euroland’s PMI surveys, reported a 1.1 decline in the U.S. services PMI to 53.2.
The U.S. PMI’s slide reflected declines between December and January of 5.6 points in business activity and production, 4.2 points in jobs, 4.6 points in prices, and 2.4 points in orders.
In the eurozone, the Irish and French indices went up by 2.2 points and 0.5 points, while the Italian, German and Spanish indices in January were 1.7, 1.0 and 0.5 points lower than December levels.
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