US Manufacturing PMI

Europe‚Äôs PMIs remained in negative territory, but less so, although it would not be unexpected if these were to move into positive territory at some point over the next few months given the depths of the downturn. 

The US ISM Manufacturing PMI on the other hand is showing weakness with a significant trend.  

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The last time we had 3 consecutive monthly declines in the PMI was June 2010, but this was from a PMI of 59.3 (total decline of 5.4%).  The current total decline over 3 months is 9.6% and is significant on an historical basis. 

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New orders have fallen below the 50 line for only the second time since the official end of the last recession with the employment component at its joint lowest point since October 2009.  And of course the 3 monthly change in the component production is likewise significant.

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And the recent trend in export orders is also significant:

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