Homepage / Currency / Euro zone PMI data are wildly exaggerated: Economist
Deneme Bonusu Veren Siteler Deneme Bonusu 2024 Explore the Magic of WildCardCity Güvenilir Bahis Siteleri En İyi Kumar Siteleri Balıkesir Triatlonuna Avrupadan Ödül Tricks of the Aviator gambling establishment game by Spribe Çevrim Içi Kumar Siteleri “bonus” Yalanıyla Kandırıyor En Güvenilir Canlı On Line Casino Siteleri Xbetting-tips Com Uncovering the Abundant Tapestry of Ozwin Gambling establishment Evaluating Board Portal Providers Uncovering the Wealthy Tapestry of Ozwin On line casino Electronic Data Area Providers Evaluation Cobra Internet casino: Raising the Australian On the internet Video gaming Practical experience 4 Things to Search for in Safeguarded Cloud Safe-keeping Fastpay On line casino Australia – Simple and No-Taxation Wagering Web page officielle franзaise de Joka Gambling establishment The Software Development Universe Game Woo Internet casino – Enjoy Slot machine games around australia Ostdeutsche Biersorten What Are Virtual Data Rooms? Vitamin D Receptor Polymorphisms Revue du Casino BlackLabel Faktory, kterй ovlivnujн hodnocenн ceskэch online kasin How to Make the Most of Your Web Development Organization and Advertising Efforts L’essor des casinos en ligne en France Boost Meeting Efficiency With Boardroom Technology Developments WildJoker Casino WildCardCity On line casino – Guaranteed Australian Gambling Portal WildCardCity Casino – The Ideal On the internet Gambling establishment within australia Modern Technologies Produce Sharing Documents Online Faster and More Protect Free Virtual Info Room pertaining to Speedy Due Diligence A Review of Data Area Software For people who do buiness Five Board Bedroom Features Which will help You Acquire a More Productive Boardroom Electronic Systems To your Business Understanding Legal Terms and Laws in Today’s World The Laws and Contracts of Hollywood: A Sunset Blvd. Tale Legal Discussion Between Johnny Cash and Antonin Scalia Legal Insights: What Teens Should Know Legal Issues and Exceptions: What You Need to Know Legal Insights and Expert Analysis Celebrity Dialogue: Legal Matters in the 21st Century Famous Personalities Discuss Legal Issues The Boys in the Boat: Legal Advisors and The Quest for Legal Knowledge Understanding Legal Matters: Q&A on Criminal Law, Joint Ventures, and More Enticing Title The Departed: Understanding Basic Work Requirements and Legal Rights Youth Slang Blog Article Legal Insights: A Journey into the World of Law The Ins and Outs of Legal Matters: Everything You Need to Know Legal Insights and Trends: A Rap Guide Mysterious Legal Matters Unveiled Insights and Information: Understanding Various Laws and Regulations Famous People of the 21st Century The Circle of Legal Life The Intersection of Fashion Law, Legal Translation, and THC Oil: A Modern Legal Guide Legal Q&A: Understanding Joinder Federal Rules and More Understanding Legal Terms and Conditions: A Comprehensive Guide Understanding Legal Documentation in a Fun Way! Understanding Legal Aspects: From Islamic Law of Inheritance to Farm Law Protests Understanding Legal Rights: A Guide to Legal Regulations and Requirements Understanding Legal Guidelines and Agreements Famous 21st Century People in Conversation Mysterious Legal Matters Unveiled Legal Matters and Real Estate: A Conversation Between Cameron Boyce and Donald Trump Understanding Legal Expertise and Why It Matters Legal FAQs and Expert Services Understanding Legal Ramifications: Common Law Ontario Health Benefits and More The Ins and Outs of Legal Requirements: From FBI Academy Physical Requirements to Silver Lake Fishing Rules The Legal Underworld: Understanding the Significance of Laws and Rights Legal Conversations: A Dialogue Between Jon Jones and Chadwick Boseman Legal Beats: Bobcats, Real Estate, Babysitting, and More Legal Matters and Netflix VPN Diabolique: Legal Affairs and Deception Ben Shapiro and Eddie Van Halen Discuss Legal Matters Legal Aid and Other Legal Issues Q&A Famous 21st Century Personalities in Dialogue Youthful Blog Post Expert Legal Insights: Top 8 Law Firms in Australia, Quasi Contracts, and More! Youth Slang in Legal Matters Steps to make Your Mother board Room Even more Productive and Meaningful Choosing Data Rooms for Homework The Enigmatic World of Legal Affairs and Contracting The Mystery of Legal Matters Understanding Legal Mandates and Guidelines in the Business World Celebrity Dialogue: Legal Matters and Personal Names Legal Questions: Answered! Mysterious Legal Insights and Tips The Mysterious World of Legal Agreements Legal Lingo: Reviews, Agreements, and More Exploring Legal Education and Responsibilities: A Comprehensive Guide Unconventional Wisdom: A Dialog Between 21st Century Icons Mysterious Legal Matters Unraveled The Legal Maze: Navigating the Legal Landscape Dialogue between Jared Kushner and Vasyl Lomachenko Legal Matters: A Conversation Between Prince and Lionel Messi Get Clued In: The Legal Lowdown for Gen Z Famous People of the 21st Century Talk About Legal Matters The Enigmatic World of Legal Agreements and Terms Are You Breaking the Law? Unusual Legal Questions Answered Understanding Legal Services, Parental Responsibility Laws, and More Understanding Legal Agreements and Requirements

Currency, United States Finance

Euro zone PMI data are wildly exaggerated: Economist

The Purchasing Managers Index (PMI) is a closely watched economic indicator, but the value of this data has been called into question, with one economist telling CNBC it is wildly exaggerated.

Several pieces of euro zone PMI data were released on Monday. Spanish manufacturing PMI for June slipped to 54.7 from 55.4 in May, while the headline euro area manufacturing PMI came in at 57.4 for June, its highest reading since April 2011. Generally, a reading of 50 or above indicates the sector is expanding.

However, Paul Donovan, global economist and managing director at UBS Wealth Management, says the data is wildly exaggerated.

“We do not have 3.5 or 4 percent growth in Europe. We are not going to get 3.5 or 4 percent growth in Europe. That’s what the PMI numbers have been technically implying,” he told CNBC’s Squawk Box on Monday.

“What we are seeing is a correction in a rather dubious indicator, frankly. It’s a sentiment indicator, it’s not a real-world indicator, and it’s coming back down. We know people don’t fill in these surveys properly. We can prove they don’t fill them in properly looking at the export numbers.”

Donovan added survey reliability has been in decline in recent years, and has been exaggerated in the last 12 months. He said the data are due a correction.

Despite these criticisms, there are others who defend the data. Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics, said PMI data tends to lead industrial production data, and that plotting out upturns in PMI is consistently associated with upturns in industrial production growth.

“What often happens is that the PMI increases, which the market reacts to. Production growth then increases, but part of this response comes via upward revisions to previous data,” Vistesen told CNBC via email.

“This is of little help to markets which tend to look forward, but it shows that the PMIs are a useful short leading/real time indicator.”

Vistesen added that PMI data are a useful short leading indicator for real monthly activity, at least in the Eurozone.

Follow CNBC International on Twitter and Facebook.

Source: cnbc
Euro zone PMI data are wildly exaggerated: Economist

Comments are closed.