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Global economy ends 2019 on eight-month high

13 January 2020 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.

Worldwide growth accelerated for a second successive month in December, according to the latest PMI surveys, registering the strongest monthly increase in output since last April. The JPMorgan Global PMI™ (compiled by IHS Markit) climbed from 51.4 in November to an eight-month high of 51.7, recovering further since slumping in October to its lowest since February 2016. The latest reading nevertheless remains comparable with global GDP rising at a modest annual rate of just less than 2% (at market prices), below the average of 2.4% seen since 2009.

Other indicators such as jobs growth, new order inflows and business expectations also improved, to underscore the brightening picture of global economic trends at the end of 2019. New business rose especially markedly, increasing at the fastest rate since July, to indicate that output growth is likely to accelerate further at the start of the New Year.

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

© 2020, 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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