- Global Manufacturing Rolling Over: Over 70% Of Global PMIs Decline In February
by Tyler Durden, www.zerohedge.com
Moments ago we got the two latest monthly US manufacturing surveys in the form of the downbeat Markit PMI, according to which “the February data add to signs of distress in the US manufacturing economy“, offset by the traditionally more optimistic ISM, whose chair Bradley Holcombe went so far as to say “US manufacturing may have found a bottom.” Then overnight we also received the latest Markit manufacturing sentiment update from around the globe. Suffice it to say, it did not support Holcombe’s cheerful “bottom hunting” outlook.
As the below table shows, 28 regions have reported so far. Seven saw improvements in their manufacturing sectors in February, twenty recorded a weakening, and India was unchanged. This means that over 70% of the world saw manufacturing sentiment deteriorate in February compared to January.