Not All Is Gloom In Manufacturing
Jeroen Blokland | Oct 03, 2019 12:38
Germany’s Manufacturing PMI is down to 41.7 and the US ISM Manufacturing Index has dropped to its lowest level in more than a decade. No wonder investor worries about a recession have intensified. Yet, while the manufacturing data from these two large economies should be followed closely, a too-narrow perspective misses the point that not all manufacturing data looks grim. For example, the Manufacturing PMI for emerging markets overall has risen in the last two months and is back above 50.
Other indicators suggest that the global Manufacturing PMI could be bottoming out. Hence, while it is understandable that German and US data make the headlines, it is worth keeping in mind that they do not tell the whole story.
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