PMI surprisingly strong at 51.6% (vs 50.6% in Aug).
- indicates expansion in the manufacturing sector for the 26th successive mth, and at a slightly higher rate than the previous mth.
New Orders Index stayed at 49.6% (same as Aug)
Employment Index was at 53.8% (higher than the 51.8% in Aug)
Much stronger than I expected!
Countries ranked by Manufacturing PMI® (Sep)
Germany 50.3 24-month low
Netherlands 48.9 26-month low
Austria 48.7 26-month low
Italy 48.3 2-month high
France 48.2 26-month low
Ireland 47.3 24-month low
Spain 43.7 27-month low
Greece 43.2 7-month low
Only Germany stays in expansionary zone.
Italy surprisingly improves MoM
Greece is at a 7mth low.
Lets take a closer look at Germany's figures...
At 50.3%, the PMI barely stays above the expansion threshold.
Output growth picks up slightly, but New Orders fall at faster pace
Sharpest drop in New Export business since June 2009
Output charge inflation lowest for a year-and-a-half
The German data for New Orders & New Exports look weak and are in danger of falling, if the crisis drags....