Tuesday, July 1, 2014

1/7/2014: Irish Manufacturing PMI: June 2014

June Manufacturing PMI for Ireland (released by Markit and Investec) posted a small gain, rising to 55.3 from 55.0 in May. 3mo MA is now at 55.5 and this is above the previous 3mo MA through March 2014 which stood at 53.7. 12mo MA is at 53.7 which implies that we have positive growth in manufacturing over the last 12 months. 3mo MA through June 2014 is above same period averages for 2010-2013.

Chart to summarise the series:

We are now on an upward trend from April 2013 and series are running above 50.0 marker thirteen months in a row:

And expansion remains statistically significant and well ahead of the 'recovery' period average:

All are good signals. Too bad Markit would not release more detailed sub-indices numbers, which prevents me from covering trends in Employment, Profit Margins and New Orders data.

One caveat: rate of improvement in June (m/m) was just 0.3 points, which is below 12mo average of 0.4 points and 3mo MA of m/m changes in the index are now -0.1 points, which is a slowdown on 3mo MA through March 2014 (+0.7 points) and on 3mo MA through June for 2013 and 2012.

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