Manufacturing gets less bad across Europe

Indicators show slowing rate of decline in industry.

Some surprisingly decent manufacturing data has been release this morning, for both the UK and Europe. The purchasing managers' indices (PMIs) for May, which survey a cross-section of companies on their business in the sector to provide an indication of activity in the sector, showed improvement in Spain, Italy and France, as well as in the Eurozone as a whole.

A value of below 50 indicates contraction in the sector, while a value of above 50 indicates expansion; the magnitude of the difference reflects the speed of the change. So a rise from 45 to 48, for instance, would represent a sector still contracting, but doing so slower than it had been before.

In the UK, the sector looks to be growing at the faster rate for 14 months, with a value of 51.3. The both exports and domestic orders contributed, although the latter was the main driver.

UK manufacturing PMI

In Spain, the PMI hit a two-year high, of 48.1; in Italy, it hit a four-month high of 47.3; and in France, it reached a 13-month high of 46.4. All of those values still represent contraction, but contraction at a slower rate than there has been for a while. Combined with the secular trend against manufacturing, that's nothing to be sniffed at.

In the Eurozone overall, the PMI is at its highest for 15 months, although only just. It's still not good news, as such – not a single nation covered is actually growing – but it's still hopeful:

The German PMI signalled the slowest rate of contraction overall and moved close to the stabilisation level as output and new orders both rose for the first time in three months. Downturns in the Netherlands and Austria were also only moderate.

Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Donald Trump vs Barack Obama: How the inauguration speeches compared

We compared the two presidents on trade, foreign affairs and climate change – so you (really, really) don't have to.

After watching Donald Trump's inaugural address, what better way to get rid of the last few dregs of hope than by comparing what he said with Barack Obama's address from 2009? 

Both thanked the previous President, with Trump calling the Obamas "magnificent", and pledged to reform Washington, but the comparison ended there. 

Here is what each of them said: 

On American jobs

Obama:

The state of our economy calls for action, bold and swift.  And we will act, not only to create new jobs, but to lay a new foundation for growth.  We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.  We'll restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost.  We will harness the sun and the winds and the soil to fuel our cars and run our factories.  And we will transform our schools and colleges and universities to meet the demands of a new age.

Trump:

For many decades we've enriched foreign industry at the expense of American industry, subsidized the armies of other countries while allowing for the very sad depletion of our military.

One by one, the factories shuttered and left our shores with not even a thought about the millions and millions of American workers that were left behind.

Obama had a plan for growth. Trump just blames the rest of the world...

On global warming

Obama:

With old friends and former foes, we'll work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet.

Trump:

On the Middle East:

Obama:

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West, know that your people will judge you on what you can build, not what you destroy. 

Trump:

We will re-enforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate completely from the face of the earth.

On “greatness”

Obama:

In reaffirming the greatness of our nation we understand that greatness is never a given. It must be earned.

Trump:

America will start winning again, winning like never before.

 

On trade

Obama:

This is the journey we continue today.  We remain the most prosperous, powerful nation on Earth.  Our workers are no less productive than when this crisis began.  Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year.  Our capacity remains undiminished.  

Trump:

We must protect our borders from the ravages of other countries making our product, stealing our companies and destroying our jobs.

Protection will lead to great prosperity and strength. I will fight for you with every breath in my body, and I will never ever let you down.

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland