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Global economic growth cools from 15-year high as demand peaks and new COVID-19 waves hit

07 July 2021 Chris Williamson

The following is an extract from IHS Markit's monthly PMI overview presentation. For the full report please click on the link at the bottom of the article.

Global PMI slips from 15-year high in June

The global economy expanded at a solid rate again in June, according to the JPMorgan Global PMI™ (compiled by IHS Markit). Although the rate of growth slowed slightly, the improvement was still among the strongest recorded over the past 15 years. The latest expansion took the recent run of growth into its twelfth consecutive month.

The global expansion was again led by the service sector, which outperformed manufacturing for a third successive month despite the rate of increase easing compared to May's 15-year peak. Manufacturing also continued to expand at a strong rate (enjoying one of the best performances for over a decade), though likewise saw a modest cooling in the rate of growth.

The outperformance of the service sector throughout the second quarter has coincided with COVID-related restrictions easing globally on average to the lowest since the pandemic began, albeit with marked variations by region.

Chris Williamson, Chief Business Economist, IHS Markit

Tel: +44 207 260 2329

© 2021, IHS Markit Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.

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Purchasing Managers' Index™ (PMI™) data are compiled by IHS Markit for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.

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