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Flash Germany Composite Output Index at 54.3 (54.1 in September), 3-month high. Flash Germany Services Activity Index at 54.8 (55.7 in September), 4-month low. Flash Germany Manufacturing PMI at 51.8 (49.9 in September), 3-month high
Excerpt from: 21-Point Plunge in Empire State manufacturing Index, New Orders Contract; Future Expectations Remain in Stratosphere
Read More: Eurozone Composite Signals Slowdown; French Private Sector Output Decline 5th Month; German Manufacturing Approaches Stagnation
China Services PMI Lowest Since 2005 as Housing Slumps; Manufacturing Expands An interesting divergence is underway in China with manufacturing in expansion while the service sector is at the lowest reading since November 2005 according to HSBC China Composite PMI HSBC China Composite PMI™ data (which covers both manufacturing and services) signalled a third consecutive monthly expansion of Chinese business activity in July. That said, the rate of increase eased from June‟s 15-month high and was moderate overall.
Output prices down 27th month and accelerating Private sector employment down 9th month Service sector activity improved slightly Activity Picks up in Peripheral Europe Meanwhile, things improve elsewhere in Europe. The Markit European Composite report makes this headline claim: Flash PMI signals rebound in Eurozone growth but French woes persist. Eurozone economic growth rebounded in July, according to the „flash‟ estimate of Markit‟s Purchasing Managers‟ Index.
Business Insider’s " eye-popping " chart of the day on Why People Are Freaking Out About ‘Tax Inversions’ adds a big megaphone to Obama’s tune. ‘Factoryless’ Exports In addition to seeking higher taxes, Obama simultaneously proposes a rule change to classify " factoryless goods producers " as domestic manufacturers, even if the manufacturing jobs associated with those producers are offshore. The IB Times reports Obama’s jobs proposal was Slammed by Unions
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Flash France Composite Output Index down to 48.0 (49.3 in May), 4-month low Flash France Services Activity Index falls to 48.2 (49.1 in May), 4-month low Flash France Manufacturing Output Index falls to 47.1 (50.3 in May ), 6-month low Flash France Manufacturing PMI drops to 47.8 (49.6 in May), 6-month low Summary June’s flash PMI data painted another picture of subdued economic performance in France, with output down for a second successive month, orders falling slightly and the sharpest cut in staffing levels for four months.
Rate of job creation eases Summary:Â Japanese manufacturing firms saw a decline in output for the second month running in May alongside a con tinued fall in new orders and new export orders. That said, rates of decline for both new orders and output eased from those seen in April. Employment numbers grew in May for the tenth month running, albeit at a slower pace