Global Economic Indicators: Global Purchasing Managers Indexes Yardeni Research, Inc.

January 5, 2017

Dr. Edward Yardeni 516-972-7683 [email protected]

Debbie Johnson 480-664-1333 [email protected]

Mali Quintana 480-664-1333 [email protected]

Please visit our sites at www.yardeni.com blog.yardeni.com

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Table Of Contents

Table Of Contents

Global Composite Indexes Global Manufacturing PMIs Global Non-Manufacturing PMIs Eurozone PMIs Global Manufacturing & Non-Manufacturing PMIs

January 5, 2017 / Global Purchasing Managers Indexes

1 2 3 4-5 6-7

Yardeni Research, Inc. www.yardeni.com

Global Composite Indexes Figure 1. 58

58

PURCHASING MANAGERS INDEXES: GLOBAL (sa)

Composite Index (53.4)

56

56

Manufacturing (52.7) Non-Manufacturing (53.3)

54

54 Dec

52

52

50

50

yardeni.com

48 2011

2012

2013

2014

2015

2016

48

2017

Source: Markit and Haver Analytics.

Figure 2. 60

60

HSBC EMERGING MARKETS COMPOSITE PMI (50+ = expansion, sa)

58

58

Composite (52.1) 56

56

54

54

Dec

52

52

50

48

50

yardeni.com 2011

48 2012

2013

2014

2015

2016

2017

Source: HSBC, Markit, and Haver Analytics.

Page 1 / January 5, 2017 / Global Purchasing Managers Indexes

Yardeni Research, Inc. www.yardeni.com

Global Manufacturing PMIs Figure 3. 62

62

PURCHASING MANAGERS INDEXES*

60

60

58

58 Dec

56

56

54

54

52

52

50

50

Manufacturing PMIs

48

48

US (54.7) UK (56.1)

46

46

Eurozone (54.9) 44

44

Japan (52.4) yardeni.com

42 2011

2012

2013

2014

2015

2016

42

2017

* An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. Source: Institute for Supply Management, CIPS, Markit, and Haver Analytics.

Figure 4. 62

62

PURCHASING MANAGERS INDEXES* Manufacturing PMIs

60

60

China (51.4) 58

58

India (49.6) Brazil (45.2)

56

56

Russia (53.7) 54

54

52

52

Dec

50

50

48

48

46

46

44

44

42

42 yardeni.com

40 2011

2012

2013

2014

2015

2016

40

2017

* An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. Source: HSBC, Markit, and Haver Analytics.

Page 2 / January 5, 2017 / Global Purchasing Managers Indexes

Yardeni Research, Inc. www.yardeni.com

Global Non-Manufacturing PMIs Figure 5. 65

65

PURCHASING MANAGERS INDEXES*

60

60 Dec

55

55

50

50

45

45

Non-Manufacturing PMIs US (57.2) UK (56.2)

40

40

Eurozone (53.7) Japan (52.3)

35

35

yardeni.com

30 2011

2012

2013

2014

2015

2016

30

2017

* An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. Source: Institute for Supply Management, CIPS, Markit, and Haver Analytics.

Figure 6. 65

65

PURCHASING MANAGERS INDEXES*

60

60

55

55

50

50

45

Dec

Non-Manufacturing PMIs

45

China (53.4) India (46.8)

40

40

Brazil (45.1) yardeni.com

35 2011

2012

2013

2014

2015

2016

35

2017

* An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. Source: HSBC, Markit, and Haver Analytics.

Page 3 / January 5, 2017 / Global Purchasing Managers Indexes

Yardeni Research, Inc. www.yardeni.com

Eurozone PMIs Figure 7. 70

70

EUROZONE PURCHASING MANAGERS FINAL & FLASH ESTIMATES* Composite Output Indexes

65

65

Eurozone (Dec=54.4) Germany (Dec=55.2) France (Dec=53.1) Italy** (Dec=52.9) Spain** (Dec=55.5)

60

60

55

55

Dec

50

50

45

45

40

40

35

yardeni.com 2011

35 2012

2013

2014

2015

2016

2017

* An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. ** Flash estimates not available for Italy and Spain. Source: Markit and Haver Analytics.

Figure 8. 65

65

EUROZONE MANUFACTURING PURCHASING MANAGERS INDEXES FINAL & FLASH ESTIMATES* Eurozone (Dec=54.9) Germany (Dec=55.6) France (Dec=53.5) Italy** (Dec=53.2) Spain** (Dec=55.3)

60

60

55

55

50

50

45

45

40

yardeni.com 2011

40 2012

2013

2014

2015

2016

2017

* An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. ** Flash estimates not available for Italy and Spain. Source: HSBC, Markit, and Haver Analytics.

Page 4 / January 5, 2017 / Global Purchasing Managers Indexes

Yardeni Research, Inc. www.yardeni.com

Eurozone PMIs Figure 9. 70

70

EUROZONE NON-MANUFACTURING PURCHASING MANAGERS FINAL & FLASH ESTIMATES* Non-Manufacturing PMIs

65

65

Eurozone (Dec=53.7) Germany (Dec=54.3) France (Dec=52.9) Italy** (Dec=52.3) Spain** (Dec=55.0)

60

60

55

55

Dec

50

50

45

45

40

40

35

yardeni.com 2011

35 2012

2013

2014

2015

2016

2017

* An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. ** Flash estimates not available for Italy and Spain. Source: Markit and Haver Analytics.

Page 5 / January 5, 2017 / Global Purchasing Managers Indexes

Yardeni Research, Inc. www.yardeni.com

Global Manufacturing & Non-Manufacturing PMIs Figure 10. 70

60

PURCHASING MANAGERS INDEXES*

65

Eurozone

United States

Dec

55

60 Dec

55

50

50 45

Manufacturing Non-Manufacturing

45 40

40 2011

2012

2013

2014

2015

2016

2017

2011

2012

2013

2014

2015

2016

2017

60

65

55

60

Germany

Dec

Dec

50 45

55 50

Japan 40

45

35

40 2011

2012

2013

2014

2015

2016

2017

2011

2012

2013

2014

2015

2016

2017

60

65 60

France 55 Dec

55 50

Oct

50

45

China 45

40 2010

2011

2012

2013

2014

2015

2016

2011

2012

2013

2014

2015

2016

2017

65

60

United Kingdom

60

Italy 55 Dec Dec

55

50

50

45 yardeni.com

45 2011

2012

2013

2014

2015

2016

2017

2011

2012

2013

2014

2015

2016

40

2017

* An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. Source: Institute for Supply Management, CIPS, HSBC, Markit, and Haver Analytics.

Page 6 / January 5, 2017 / Global Purchasing Managers Indexes

Yardeni Research, Inc. www.yardeni.com

Global Manufacturing & Non-Manufacturing PMIs Figure 11. 60

60

PURCHASING MANAGERS INDEXES* China

55

55

Dec

Composite of Manufacturing and Non-Manufacturing PMIs 50

50 2010

2011

2012

2013

2014

2015

2016

2017

65

65

India 60

60

55

55

50

50 Dec

45

45 2011

2012

2013

2014

2015

2016

2017

60

55

60

Brazil

55

50

50

Dec

45

45

40

40

35

35 2011 2012 2013 2014 2015 2016 * An index above 50 indicates an increase in manufacturing activity. An index below 50 indicates a decrease in manufacturing activity. Source: HSBC, Markit, and Haver Analytics.

Page 7 / January 5, 2017 / Global Purchasing Managers Indexes

2017

Yardeni Research, Inc. www.yardeni.com

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