The United States performed better than Britain.

Never TMI: PMIs

The economic health of different sectors, countries and regions is clearer today as IHS Markit, a data and research firm, publishes monthly purchasing-managers’ indices. The PMIs, compiled from surveys of firms, reflect differences in covid-19 infections, pandemic-related restrictions and progress with inoculations. Services are performing worse than manufacturing as measures to prevent the virus’s spread take their toll. Economists cut their euro-area growth forecasts after France, Germany and Italy tightened restrictions because of rising covid-19 cases and vaccination delays. But the bloc’s March PMIs were unexpectedly strong at 52.5 (anything above 50 indicates expansion). Services did poorly, at 48.8, but manufacturing hit 63, its highest since 1997. But surveys were conducted in the week preceding new lockdown measures in Germany. Britain fared better, reporting a PMI of 56.6. America, where things are beginning to return to normal, will doubtless perform better than Europe. Its overall-output PMI is forecast to be around 60, improving on last month’s already-high figure.

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Source: <https://espresso.economist.com/>.

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