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Global economic growth stuck at three-year low as manufacturing falls into decline

09 July 2019 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.

The pace of global economic growth remained stuck at a three-year low in June, according to the latest PMI surveys from IHS Markit, rounding off the worst quarterly expansion since the second quarter of 2016. The JPMorgan Global PMI™, compiled by IHS Markit, held steady at 51.2 in June, signalling the slowest rate of expansion of global output since June 2016 during the past two months. The survey data are consistent with worldwide GDP rising at an annual pace of approximately 1.8% (at market prices) in the second quarter, down from 2.4% in the first quarter.

Both the PMI and official GDP data indicate that the pace of global economic growth peaked at 2.9% at the end of 2017 and has since slowed gradually, led by a steady weakening of worldwide trade flows. New export orders fell globally for a seventh successive month, with the rate of decline accelerating to indicate the steepest drop in worldwide trade since May 2016.

Chris Williamson, Chief Business Economist, IHS Markit
Tel: +44 207 260 2329

© 2019, 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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