🇺🇸 Flash US PMI tumbles to 3-yr low of 50.9 (53.0 - April), on the back of marked slowdowns in both manufacturing a… https://t.co/BmxdVh0Eut
Global economy suffers loss of momentum in March
Global economic growth slowed sharply to the weakest for over a year in March. The JPMorgan Global PMI™, compiled by IHS Markit, fell for the first time in six months, down sharply from 54.8 in February to a 16-month low of 53.3. The 1.5 index point drop was the steepest seen for two years. To put the decline in context, while the February PMI reading was consistent with global GDP rising at an annual rate of 3.0% (at market exchange rates), the March reading is indicative of 2.5% growth.
Inflows of new business and backlogs of work also rose to weaker extents than seen in the previous month. Employment growth remained more resilient, easing only marginally from the decade-high rates seen in prior months to suggest that firms continued to focus on expanding capacity to meet rising demand. Future expectations also remained elevated, suggesting that at least some of the slowdown may prove temporary. Bad weather was cited in many countries as curbing business activity in March.
Global PMI* output & economic growth
Global PMI indicators*
- US flash PMI falters to three-year low in May
- UK manufacturing surveys: measuring flows and levels
- Week Ahead Economic Preview: Week of 27 May 2019
- Flash Eurozone PMI signals subdued business growth amid stagnant demand
- Renewed Japanese manufacturing downturn in May amid fresh trade war escalations
- Australia Flash PMI points to tentative revival in economic growth
- South Africa PMI reveals economic fragilities as government loses popularity
- Manufacturing and trade dampen Japan's economic growth in first quarter
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