Software & services sector tops global growth rankings in June
Global sector PMI™ data from Markit showed that software & services registered the fastest growth of business activity in June. Moreover, the sector also posted the strongest expansion over the second quarter as a whole. Pharmaceuticals & biotechnology was in second position overall in June, followed by commercial & professional services. Food production remained the top-ranked manufacturing sector.
Mixed picture for broad technology sector
Software & services registered the strongest rise in business activity since July 2013, which was also the last time the sector topped the global growth rankings. The sector also posted the fastest expansion of new business of all global sectors covered by the surveys.
While technology services are booming, it was a different story for technology equipment manufacturers, who saw output fall for a third consecutive month in June, with the latest contraction the strongest since February 2013. The poor performance places the sector one position off the bottom of the global sector league table.
Three further sectors registered falling output in June. Metals & mining again registered the strongest rate of contraction, and production in the sector has now declined for five successive months. The remaining two sectors to record falling output in June were other financials and telecommunication services.
Trevor Balchin | Economics Director, IHS Markit
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