📊U.S. Composite PMI Holding Relatively Better: Cable FX Macro
- Rosbel Durán
- Aug 23, 2023
- 1 min read
Looking at S&P Global PMI composite readings, the U.S. is the only country holding above the 50.0 threshold, August preliminary data shows
However, the U.S. index is 1.6 points lower relative to July, this is the sharpest decline recorded since November. The German equivalent slipped by 3.8 index points to 44.7, the lowest since the pandemic crisis in 2020
France, Germany and EU composite metrics had been below 50.0 for some months, the U.K. reading fell below this level in August, at 47.9 it is now at the lowest since June 2020
The key point here is that economic slowdown is starting to be evident in the data. Chinese weakness is also filtering to the German and EU metrics, and while the U.S. is slowing down, its pace is relatively better than peers
Our Macro Walk report shows the 2023 median forecast expecting U.S. economic output to rise the most in the G10 at 1.6%
August Flash PMI Data:
France Aug. Flash Composite PMI 46.6; Est 47.1
Germany Aug. Flash Composite PMI 44.7; Est 48.3
UK Aug. Flash Composite PMI 47.9 Vs 50.8; Est 50.4
Eurozone Aug. Flash Composite PMI 47; Est. 48.5
US Aug. Flash Composite PMI 50.4 vs 52
Comments