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BRIC Manufacturing PMIs: One Cold January For Growth

BRIC PMIs for January are continuing to show divergence in growth dynamics across the four economies, across the two key sectors, and a broad slowdown in growth across majority of the BRIC parameters. Here are some details:

Starting with Manufacturing PMIs:

  • Brazil Manufacturing PMI improved marginally to 50.7 from 50.2 in December. Current 3-month average is at 49.9 and this compares as a weak improvement on 49.4, 3-month average through October 2014. January 2014 3-month average was 50.3. Across the board - weak growth returned to Brazil's manufacturing, but both m/m and 3-month on 3-month growth improvements were poor.
  • Russia Manufacturing PMI dropped significantly from already contractionary 48.9 in December to strongly contractionary 47.6 in January. 3-month average through January 2015 is at 49.4 and this compares unfavourably to 3-month average through October 2014 at 50.7. However, 3-month average through January 2014 was even worse - at 48.7. Overall,