The PMI is still not recovering. The report had some disturbing text in it.
Incoming new work fell for the thirteenth consecutive month in August, with the rate of decline the second-fastest during that period. Companies indicated that underlying demand for goods and services was being affected by the ongoing debt and political uncertainty in the Eurozone, and by the onset of softer global economic growth. The big-four nations all reported reduced inflows of new business, with the steepest rate of decline reported by Germany.
Further job losses were reported in August, as companies reacted to weak demand and lower activity by cutting excess capacity. Payroll numbers have now fallen for eight successive months.
Employment fell in France, Italy and Spain, but only Italy reported a quicker rate of job losses than in the previous month. Staffing levels were broadly unchanged in Ireland. The German labour market continued to hold up comparatively well, with modest job creation recorded for the third time in the past four months.
Backlogs of work continued to decline despite lower employment. Outstanding business declined for the fourteenth straight month in August, with solid reductions signalled in all of the nations covered by the survey.
Germany is starting to really feel the affects of the global slowdown now.
Here is a look at what is happening in China.
Both data sets are at multi-month lows. No sign of an uptick there yet.
Here is an interesting look at the bigger economies of the world.
There were seven countries in expansion back in July. It is down to only four now. Still no sign of a turn around. This is backed up by the JPM global PMI data.
Chart practice site has been update with WYNN as the topic.
http://traderbob58-chart-practice.blogspot.com/
Bob
No comments:
Post a Comment