PMIs: Stronger than forecast

Sentiment in the US manufacturing sector and in the Eurozone was more resilient than anticipated in March but IHS Markit, the survey firm, said this might be due to a statistical distortion, FXStreet’s analyst Joseph Trevisani reports.

Key quotes

“The US purchasing managers’ index in manufacturing from IHS Markit registered 49.2 this month, down from 50.7 in February but well in front of the 42.8 consensus forecast.”

“In the Eurozone, the composite purchasing managers’ index plummeted to 31.4 in March from 51.6. The consensus prediction was 38.8.”

“In Britain, the composite PMI skidded to 37.1 in March, its weakest on record, from 53 in February. Services PMI dropped to 35.7 from 53.2, also an all-time low.”

“The seemingly resilient manufacturing numbers were reflecting the positive impact on the indexes of longer waits in obtaining supplies.”