{"id":3125,"date":"2010-12-06T12:12:03","date_gmt":"2010-12-06T12:12:03","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=3125"},"modified":"2025-03-27T15:49:10","modified_gmt":"2025-03-27T15:49:10","slug":"pmis-consistent-with-ongoing-moderate-recovery","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=3125","title":{"rendered":"PMIs consistent with ongoing moderate recovery"},"content":{"rendered":"<p>Last week&#8217;s purchasing managers&#8217; surveys for November were respectable but weighted-average G7 new orders failed to follow through on October&#8217;s strong gain &ndash; see first chart. The message is that industrial output expansion is reviving after a recent slowdown but should remain well below its pace in the first year of the recovery.<\/p>\n<p>Country surveys show considerable divergence, with strength in China and the UK contrasting with notable weakness in Japan, partly reflecting this year&#8217;s surge in the yen &ndash; second chart. Chinese buoyancy, however, is no longer &#8220;good news&#8221; for the world economy and equity markets, since associated overheating pressures guarantee further significant policy tightening.<\/p>\n<p>The small fall in the G7 new orders measure reflected slippage in the US component, which continues to follow the pattern of previous cycles &ndash; third chart. This comparison suggests further easing into early 2011, a prospect consistent with some slowdown in stockbuilding from its recent rapid pace.<\/p>\n<p>As previously <a href=\"http:\/\/www.moneymovesmarkets.com\/journal\/2010\/11\/25\/money-growth-signalling-ongoing-recovery-but-no-excess-for-m.html\">noted<\/a>, G7 real narrow money continues to grow moderately, offering a reassuring message about the sustainability of the economic recovery, at least through mid 2011.\ufeff<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" style=\"width: 680px;\" src=\"\/storage\/chart1_06-12-2010.gif?__SQUARESPACE_CACHEVERSION=1291638731219\" alt=\"\" \/><\/span><\/span><\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" style=\"width: 680px;\" src=\"\/storage\/chart2_06-12-2010.gif?__SQUARESPACE_CACHEVERSION=1291638749692\" alt=\"\" \/><\/span><\/span><br \/><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" style=\"width: 680px;\" src=\"\/storage\/chart3_06-12-2010.gif?__SQUARESPACE_CACHEVERSION=1291638775510\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week&#8217;s purchasing managers&#8217; surveys for November were respectable but weighted-average G7 new orders failed to follow through on October&#8217;s strong gain &ndash; see first chart. The message is that industrial output expansion is reviving after a recent slowdown but should remain well below its pace in the first year of the recovery. Country surveys [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3125","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3125"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3125\/revisions"}],"predecessor-version":[{"id":5434,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3125\/revisions\/5434"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}