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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.
The worldwide PMI surveys signalled the fastest global growth
for nearly 1½ years in August led by rebounding activity from
COVID-19 lockdowns. The JPMorgan Global PMI™ (compiled by IHS
Markit) rose for a fourth successive month in August, up from 51.0
in July to 52.4 in August, its highest since March 2019. The
improved reading indicates a near-3% annual rate of GDP
expansion.
The faster growth of global output was accompanied by the
strongest monthly rise in new business since January, reflecting
firmer client demand. Encouragingly, the rise in new work led to an
increase in backlogs of work. Although only marginal, the rise in
backlogs hints that global operating capacity was stretched on
average for the first time since February. The increase in order
books caused more firms to take a more positive view of payroll
numbers, with the net loss of jobs in August only marginal and the
smallest since global employment began falling back In
February.
Chris Williamson, Chief Business Economist, IHS
Markit
Tel: +44 207 260 2329
chris.williamson@ihsmarkit.com
Posted 08 September 2020 by Chris Williamson, Chief Business Economist, S&P Global Market Intelligence
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.
