May 2014, Global Manufacturing Activity Indicator (PMI)

by Eduardo Petazze

In May 2014 the world's manufacturing activity continued to expand at a faster pace than in April 2014

Summary of surveys for May 2014 Purchasing Managers’ Index (PMI) of global manufacturingOverview

Breakdown by countries and linksWorldwide Manufacturing PMI (SA) 2013 2014 May´14 vs. Apr´14

weight Reference links Country May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Chg. Direction Rate of Chg1.35% Australian Industry Group Australia 43.8 49.6 42.0 46.4 51.7 53.2 47.7 47.6 46.7 48.6 47.9 44.8 49.2 4.4 Contracting Slower0.48% Bank Austria Austria 48.2 48.3 49.1 52.0 51.1 52.7 54.3 54.1 54.0 53.0 51.0 51.4 50.9 -0.5 Expanding Slower3.24% HSBC - May´14 report Brazil 50.4 50.4 48.5 49.4 49.9 50.2 49.7 50.5 50.8 50.4 50.6 49.3 48.8 -0.5 Contracting Faster2.05% See detail below Canada 58.2 53.9 50.2 51.6 53.1 59.2 54.5 49.9 54.3 55.1 54.3 53.5 50.2 -3.3 Expanding Slower

18.94% See detail below China 50.0 49.2 49.0 50.6 50.7 51.2 51.1 50.8 50.0 49.4 49.2 49.3 50.1 0.8 Stable from contracting0.38% HSBC - May´14 Report Czech Rep. 50.1 51.0 52.0 53.9 53.4 54.5 55.4 54.7 55.9 56.5 55.5 56.5 57.3 0.8 Expanding Faster0.28% DILF Denmark 56.2 56.7 57.0 59.2 55.0 54.0 58.3 54.2 57.1 57.4 62.6 60.7 60.2 -0.5 Expanding Slower0.74% HSBC - May´14 Report Egipt 48.5 47.5 41.7 42.2 44.7 49.5 52.5 52.0 48.7 50.0 49.8 49.5 48.7 -0.8 Contracting Faster3.03% MARKIT France 46.4 48.4 49.7 49.7 49.8 49.1 48.4 47.0 49.3 49.7 52.1 51.2 49.6 -1.6 Contracting from expanding4.32% MARKIT / BME Germany 49.4 48.6 50.7 51.8 51.1 51.7 52.7 54.3 56.5 54.8 53.7 54.1 52.3 -1.8 Expanding Slower0.35% MARKIT Greece 45.3 45.4 47.0 48.7 47.5 47.3 49.2 49.6 51.2 51.3 49.7 51.1 51.0 -0.1 Expanding Unchange0.52% HSBC composite - Report Hong Kong 49.8 48.7 49.7 49.7 50.0 50.1 52.1 51.2 52.7 53.3 49.9 49.7 49.1 -0.6 Contracting Faster0.27% MLBKT (BMI) Hungary 47.1 50.8 49.0 51.8 54.5 51.0 52.6 50.2 57.9 54.3 53.7 54.6 53.9 -0.7 Expanding Slower7.03% HSBC India 50.1 50.3 50.1 48.5 49.6 49.6 51.3 50.7 51.4 52.5 51.3 51.3 51.4 0.1 Expanding Unchange1.79% HSBC - May´14 report Indonesia 51.6 51.0 50.7 48.5 50.2 50.9 50.3 50.9 51.0 50.5 50.1 51.1 52.4 1.3 Expanding Faster0.25% Investec Ireland 49.7 50.3 51.0 52.0 52.7 54.9 52.4 53.5 52.8 52.9 55.5 56.1 55.0 -1.1 Expanding Slower0.37% IPLMA - Bank Hapoalim Israel 47.1 46.0 47.6 47.6 44.9 46.6 44.5 46.8 49.5 50.0 48.9 51.4 55.6 4.2 Expanding Faster2.39% MARKIT / ADACI Italy 47.3 49.1 50.4 51.3 50.8 50.7 51.4 53.3 53.1 52.3 52.4 54.0 53.2 -0.8 Expanding Slower6.26% MARKIT / JMMA Japan 51.5 52.3 50.7 52.2 52.5 54.2 55.1 55.2 56.6 55.5 53.9 49.4 49.9 0.5 Stable Slower2.27% HSBC - May´14 report Korea 51.1 49.4 47.2 47.5 49.7 50.2 50.4 50.8 50.9 49.8 50.4 50.2 49.5 -0.7 Contracting from expanding0.09% BLOMINVEST Bank Lebanon 52.6 50.3 47.6 44.9 47.0 49.1 45.1 49.0 44.5 45.5 46.2 48.5 48.0 -0.5 Contracting Faster2.49% See detail below Mexico 50.7 49.8 49.9 50.5 50.6 50.0 51.6 51.9 52.3 51.6 52.2 52.2 52.3 0.1 Expanding Unchange0.93% NEVI Netherlands 48.7 48.8 50.8 53.5 55.8 54.4 56.8 57.0 54.8 55.2 53.7 53.4 53.6 0.2 Expanding Faster0.19% Business NZ - May´14 Rep. N. Zealand 57.6 54.7 59.3 57.3 54.6 56.4 57.3 56.6 56.3 56.2 58.3 54.4 52.7 -1.7 Expanding Slower0.37% NIMA - May´14 Report Norway 53.0 46.5 49.5 53.0 52.1 52.8 53.1 50.9 52.7 51.3 52.3 51.1 49.8 -1.3 Contracting from expanding1.11% HSBC - May´14 report Poland 48.0 49.3 51.1 52.6 53.1 53.4 54.4 53.2 55.4 55.9 54.0 52.0 50.8 -1.2 Expanding Slower3.41% HSBC Russia 50.4 51.7 49.2 49.4 49.4 51.8 49.4 48.8 48.0 48.5 48.3 48.5 48.9 0.4 Contracting Slower1.28% SABB HSBC - May´14 report S. Arabia 57.3 56.6 56.6 57.5 58.7 56.7 57.1 58.7 59.7 58.6 57.0 58.5 57.0 -1.5 Expanding Slower0.48% SIPMM Singapore 51.1 51.7 51.8 50.5 50.5 51.2 50.8 49.7 50.5 50.9 50.8 51.1 50.8 -0.3 Expanding Slower0.80% See detail below S. Africa 50.7 50.1 51.9 53.4 49.9 51.1 52.0 50.2 50.1 51.6 50.3 48.4 47.0 -1.4 Contracting Faster1.85% MARKIT Spain 48.1 50.0 49.8 51.1 50.7 50.9 48.6 50.8 52.2 52.5 52.8 52.7 52.9 0.2 Expanding Faster0.54% SILF - Report Sweden 52.1 53.5 51.3 52.2 56.0 52.0 56.0 52.3 56.4 54.6 56.6 55.5 54.1 -1.4 Expanding Slower0.50% SVME / CREDIT SUISSE Swiss 51.6 51.4 55.9 54.7 55.4 55.4 57.5 55.0 56.1 57.6 54.4 55.8 52.5 -3.3 Expanding Slower1.26% HSBC - May´14 Report Taiwan 47.1 49.5 48.6 50.0 52.0 53.0 53.4 55.2 55.5 54.7 52.7 52.3 52.4 0.1 Expanding Unchange1.58% HSBC - May´14 Report Turkey 51.1 51.2 49.8 50.9 54.0 53.3 55.0 53.5 52.7 53.4 51.7 51.1 50.1 -1.0 Stable Slower0.37% HSBC UAE 55.3 54.1 54.5 54.5 56.6 56.3 58.1 57.4 57.1 57.3 57.7 58.3 57.3 -1.0 Expanding Slower3.23% MARKIT / CIPS UK 51.5 52.9 54.8 57.2 56.3 56.5 58.1 57.2 56.6 56.2 55.8 57.3 57.0 -0.3 Expanding Slower

22.70% See detail below USA 50.9 52.1 54.4 54.5 54.2 54.8 56.1 55.5 53.7 54.1 54.3 54.9 55.7 0.9 Expanding Faster0.50% HSBC - May´14 Report Vietnam 48.8 46.4 48.5 49.4 51.5 51.5 50.3 51.8 52.1 51.0 51.3 53.1 52.5 -0.6 Expanding Slower

100.0% Worldwide Mfg PMI see Note 50.4 50.7 50.9 51.6 51.9 52.5 53.0 52.7 52.6 52.5 52.2 52.0 52.2 0.1 Expanding FasterMARKIT Euro area 48.3 48.8 50.3 51.4 51.1 51.3 51.6 52.7 54.0 53.2 53.0 53.4 52.2 -1.2 Expanding Slower

HSBC EMI (Composite) Emerging 51.5 50.6 49.5 50.7 50.7 51.7 52.1 51.6 51.4 51.1 50.3 50.4 50.6 0.2 Expanding FasterJP Morgan Global 50.6 50.6 50.8 51.6 51.8 52.1 53.1 53.0 53.0 53.2 52.4 51.9 52.2 0.3 Expanding Faster

More than one PMI survey Country May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Chg. Direction Rate of ChgMarkit - RBC

Canada53.2 52.4 52.0 52.1 54.2 55.6 55.3 53.5 51.7 52.9 53.3 52.9 52.2 -0.7 Expanding Slower

IVEY 63.1 55.3 48.4 51.0 51.9 62.8 53.7 46.3 56.8 57.2 55.2 54.1 48.2 -5.9 Contracting from expandingCanada average 58.2 53.9 50.2 51.6 53.1 59.2 54.5 49.9 54.3 55.1 54.3 53.5 50.2 -3.3 Expanding Slower

CFLP - Stats (Chinese)China

50.8 50.1 50.3 51.0 51.1 51.4 51.4 51.0 50.5 50.2 50.3 50.4 50.8 0.4 Expanding FasterHSBC - May´14 report 49.2 48.2 47.7 50.1 50.2 50.9 50.8 50.5 49.5 48.5 48.0 48.1 49.4 1.3 Contracting Slower

China average 50.0 49.2 49.0 50.6 50.7 51.2 51.1 50.8 50.0 49.4 49.2 49.3 50.1 0.8 Stable from contractingINEGI - SA data:

Mexico

52.3 51.1 51.0 51.0 51.2 51.2 52.4 52.4 52.5 52.4 52.5 52.9 52.7 -0.2 Expanding SlowerIIEEM report - SA data: 48.1 46.9 48.9 49.5 50.5 48.5 50.5 50.6 50.4 50.4 52.4 51.8 52.2 0.4 Expanding FasterHSBC - May´14 Report 51.7 51.3 49.7 50.8 50.0 50.2 51.9 52.6 54.0 52.0 51.7 51.8 51.9 0.1 Expanding Unchange

Mexico average 50.7 49.8 49.9 50.5 50.6 50.0 51.6 51.9 52.3 51.6 52.2 52.2 52.3 0.1 Expanding UnchangeBER-KAGISO -May´14 -xls

S. Africa50.0 51.7 52.5 55.6 50.0 50.7 52.4 49.9 49.9 51.7 50.3 47.4 44.3 -3.1 Contracting Faster

HSBC 51.5 48.5 51.3 51.2 49.8 51.5 51.6 50.5 50.3 51.5 50.2 49.4 49.7 0.3 Contracting SlowerS. Africa Average 50.7 50.1 51.9 53.4 49.9 51.1 52.0 50.2 50.1 51.6 50.3 48.4 47.0 -1.4 Contracting Faster

Regional PMI (see below)

USA

50.5 51.9 54.5 54.2 53.9 56.0 56.5 54.9 56.1 52.1 53.6 54.3 57.6 3.3 Expanding FasterISM Report On Business 50.0 52.5 54.9 56.3 56.0 56.6 57.0 56.5 51.3 53.2 53.7 54.9 53.2 -1.7 Expanding Slower

MARKIT 52.3 51.9 53.7 53.1 52.8 51.8 54.7 55.0 53.7 57.1 55.5 55.4 56.4 1.0 Expanding FasterUS average 50.9 52.1 54.4 54.5 54.2 54.8 56.1 55.5 53.7 54.1 54.3 54.9 55.7 0.9 Expanding FasterUS Regional Average Manufacturing PMI 50.5 51.9 54.5 54.2 53.9 56.0 56.5 54.9 56.1 52.1 53.6 54.3 57.6 3.3 Expanding FasterCHICAGO B. BAROMETER 58.4 51.9 52.6 53.6 56.3 66.2 62.9 60.8 59.6 59.8 55.9 63.0 65.5 2.5 Expanding FasterDallas Manufacturing as if it were PMI 51.0 53.3 53.1 50.7 51.7 53.0 52.8 51.0 53.0 53.4 55.8 57.5 50.9 -6.6 Expanding SlowerKansas City Fed – Mfg. (SA) as PMI 51.0 47.5 52.5 53.0 51.0 53.0 53.0 48.5 52.5 52.0 55.0 53.5 55.0 1.5 Expanding FasterRichmond – Mfg. Activity as PMI 49.4 53.6 44.5 56.8 50.0 50.2 56.5 56.4 55.9 47.2 46.7 53.5 53.6 0.1 Expanding UnchangePhiladelphia - Business Outlook Survey 49.2 57.2 59.0 56.6 60.0 57.8 54.6 53.2 54.7 46.9 54.5 58.3 57.7 -0.6 Expanding SlowerISM - Milwaukee - (Bloomberg chart) 40.7 51.6 52.4 48.2 55.0 57.1 52.1 54.3 52.8 48.6 56.0 47.3 63.5 16.2 Expanding from contractingISM-NY - May´14 Report 54.4 47.0 67.8 60.5 53.6 59.3 69.5 63.8 64.4 57.0 52.0 50.6 55.3 4.7 Expanding FasterEmpire State Mfg - Current conditions 50.1 53.5 54.4 54.2 53.4 51.6 50.4 51.1 56.3 52.2 52.8 50.6 59.5 8.9 Expanding Faster

Last data published in bold Revised data in italicsNote: Worldwide Manufacturing PMI was weighted by GDP-PPP estimate by the IMF for 2014 (April 2014 estimate)

Also see:Global

Week Ahead Economic Overview [23-27 Jun]: Flash PMI and US, UK GDP updates Global tourism & recreation sector posts solid activity growth in May Record outperformance of developed world over emerging markets Global metals & mining output growth remains subdued Food producers climb to top of global sector rankings in May Global food output growth at post-crisis high in May JPMorgan Global Composite PMI JPMorgan Global Services PMI

ChinaHSBC China Services PMI China - CFLP Manufacturing PMI

Euro areaEurozone industry grows twice as fast as expected in April Markit Eurozone Composite PMI

OtherArgentina Manufacturing PMI Dansk Manufacturing PMISales tax hike causes Japan’s economy to contract for second month running Norsk Manufacturing PMI Truck weight restrictions disrupt manufacturing supply chains in Vietnam

UK EconomyUK retailers enjoy best start to a year for a decade Construction sector booms, Bank of England raises prospect of 2014 rate hike UK - Regional Purchasing Managers' Index (PMI)UK unemployment plunges on back of record increase in employment UK manufacturing recovery gains further momentum Bank of England policymakers hold off on rate rises againUK job creation sustained at all-time high as economy continues to surge Cost of living, energy bills & interest rates top UK household financial concerns Nearly one-in-four UK households expect interest rates to start rising within the next six months

USUS Retailers on course for best calendar quarter for over three years Markit US Services PMI

Mfg.May 2014 Summary Rate of changeNumber of countries negative unchange positive total

Expanding (PMI>50.09) 18 0 10 28Stable (PMI~50.0) 0 0 0 0

Contracting (PMI<49.91) 8 0 3 11Total 26 0 13 39