The Global Manufacturing Purchasing Managers’ Index, produced by J.P.Morgan and Markit in association with other firms, slid to 51.9 for April, down from the 52.4 posted in March despite impressive conditions returning the United States and European Union. The culprits include problems throughout the once-hot emerging markets that look to be here to stay. Additional, an increase in the sales tax in Japan badly hurt numbers there, though that is seen as a temporary situation that people will adjust to in short order.
Markit released the following PMI data for the month of April:
Austria -- 51.4 (51 in March): Backlog clearance helps output surge.
Australia – 44.8 (47.9): Orders decrease, Chinese easing, holiday season a bad April combination.
Brazil – 49.3 (50.6): Brazil’s troubling slide continues, PMI at worst level since last summer
China – 48.1 (48): Staffing numbers at six-month low on more order declines.
Czech Republic – 56.5 (55.5) PMI back to three-year record reached in February on order inflows.
Egypt (non-oil) – 49.5 (49.8): New orders, output down amid concern over fragile political stability.
France – 51.2 (52.1): New export orders rise not enough to offset output and domestic demand retreat.
Germany – 54.1 (53.7) Pace of output expansion second-best in three years.
Greece – 51.1 (49.7): Faster inflows of work mean the first employment growth in six years.
Hong Kong – 49.7 (49.9 in March): Output is falling on muted client demand.
India – 51.3 (51.3): Increased competition for work, upcoming elections working as a drag on growth.
Indonesia -- 51.1 (50.1): New order growth stymied by raw materials shortages.
Italy – 54 (52.4): Fastest output, new orders upticks in three years.
Japan – 49.4 (53.9): Orders and new output freefall mostly because of sales tax hike, to be temporary
Mexico – 51.8 (51.7): Output growing, but at a slow pace.
Netherlands -- 53.4 (53.7): Output growth considered "solid," even at six-month low.
Poland -- 52 (54): Despite decrease, manufacturing employment remains high on strong prospects.
Russia – 48.5 (48.3): Overall rise belies continued decline in orders, especially from abroad.
Saudi Arabia (non-oil) – 58.5 (57): Business activity rising at a sharper rate.
South Africa – 49.4 (50.2): Mining strikes cause big disruptions, new orders see worst drop in index ever.
South Korean – 50.2 (50.4) Exporters expect improvement soon, but weak stats across the board.
Spain – 52.7 (52.8): New orders grow for tenth time in 11 months, production struggling with pace.
Taiwan -- 52.3 (52.7): Faster rate of new orders and export demand found, while output eases.
Turkey – 51.1 (51.7) Stronger export demand not enough to prevent second PMI slide in a row.
UAE (non-oil) – 58.3 (57.7): New orders surge, demand for exports near a record high.
United Kingdom – 57.3 (55.8): Consumers buying drives new products launches and backlog-clearance.
United States – 55.4 (55.5 in March): Job creation eases despite order and output rate acceleration.