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- Global manufacturing remains in doldrums – ABN AMRO
Global manufacturing remains in doldrums – ABN AMRO
Nick Kounis, head of financial markets research at ABN AMRO, points out that the global manufacturing PMI slipped somewhat further in July, dropping to 49.3 from 49.4 in June.
“The good news in the survey was the rise in overall new orders (to 49.3 from 49), while the output index was flat (at 49.5). However, both indicators remain at very depressed levels, consistent with contraction. In addition, there was a further deterioration in the new export orders index (to 48.3 from 48.8) to the weakest level since October 2012 (which was the aftermath of the euro crisis). The new export orders index tracks world trade growth and at current levels is consistent with an annual decline of more than 1%. In addition, the employment index fell further (to 49.2 from 49.8) adding to evidence that the weakness in manufacturing could spill over into domestic demand. Leading indicators for the PMI – such as M1 money supply growth have improved moderately over recent months and signal that manufacturing should bottom out towards the end of this year.”
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