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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 economic growth accelerated to the fastest for 15 years
in May as economies continued to open up from COVID-19 related
restrictions. At 58.4 in May, up from 56.7 in April, the JPMorgan
Global PMI™ (compiled by IHS Markit) struck its highest since April
2006. The latest expansion took the recent run of growth into its
eleventh consecutive month.
The acceleration in global growth was led by the service sector,
which expanded at a rate not seen since 2006. Manufacturing also
continued to expand at one of the strongest rates seen over the
past decade, albeit losing slight momentum. The outperformance of
the service sector so far in the second quarter has coincided with
COVID-related restrictions easing globally to the lowest since last
September. June is set to see these containment measures ease
further to the lowest since the pandemic began. Manufacturing's
relatively weaker performance was in part linked to supply chain
delays.
Chris Williamson, Chief Business Economist, IHS
Markit
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.
