8/10/2014: BRIC Services PMIs: Barely Afloat but Not Recessionary...

After today's release of Markit Services PMI for China, time to update September PMIs series for BRIC countries.

Note: link to my analysis of Russian PMIs (services and manufacturing) is here: http://trueeconomics.blogspot.ie/2014/10/3102014-russian-services-composite-pmis.html

Detailed analysis of BRIC Manufacturing PMIs is here: http://trueeconomics.blogspot.ie/2014/10/2102014-bric-manufacturing-pmis-things.html

Table below summarises PMIs for BRIC economies:

Overall, all Services PMIs for BRIC economies managed to stay above 50.0 line in September. Brazil Services PMI returned back to above 50.0 territory after one month dip to 49.2 in August. China was the only economy amongst BRIC that posted slowdown in PMIs-signalled growth in Services.

Combined Manufacturing and Services PMIs for BRICs ex-Russia and Russia are shown below:

Overall dynamics are not great, however. Although BRICs are staying above the 'recessionary' levels, activity is weak. Weak enough to post no statistically significant reading above 50.0 in Manufacturing and only one statistically significant reading (China) in Services. All reinforcing the IMF concerns about the direction of global growth (see: http://trueeconomics.blogspot.ie/2014/10/7102014-imf-on-global-euro-area-growth.html)