Global PMIs suggest solid growth – ABN AMRO

Han de Jong, Chief Economist at ABN AMRO, explains that the preliminary PMIs from across the globe suggests that the main economies are continuing to grow nicely.

Key Quotes

“The eurozone economy has lost some altitude earlier this year but seems to be settling around ‘cruising altitude’. The US is growing steadily and there is little to suggest that this benign picture is going to change any time soon.”

“The eurozone’s composite PMI inched higher: 54.4 in August, from 54.3 in July. Business confidence in the manufacturing sector eased a little, while it picked up in services. The data for the two countries released on the same day, Germany and France, was actually better than for the eurozone as whole.”

“The details of the German Q2 GDP data confirm what was reported earlier. Overall GDP growth amounted to 0.5% qoq, more or less the same as previous quarters.”

“The PMI data for the US weakened modestly in August, but at 55.0 versus 55.7 in July the composite PMI is still pointing at solid growth.”