Global Composite PMI falls to 39.4 in March amid the COVID-19 pandemic, the lowest in over 11 years, with global GD… https://t.co/OVYuRWfXPb
Global growth at three-year low as weakness spills over to services
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.
Latest worldwide PMI data showed the global economy losing growth momentum again in September, registering the joint-weakest increase in output for three years. At 51.2 in September, the JPMorgan Global PMI™ (compiled by IHS Markit) fell to a level matching the lows seen back in May and June. Inflows of new orders expanded at the slowest pace since 2012 and business expectations about the year ahead remained close to a survey low. Trade worries continued to dominate the outlook, alongside heightened uncertainty and concerns of weaker economic growth.
Global exports continued to fall at a steep pace and manufacturing activity remained more or less stagnate, albeit showing some signs of the slowdown easing. However, key to the recent weakening of global conditions has been a further spill-over of the trade-led slowdown from manufacturing to services, with growth in the latter now running at its joint-lowest for three years.
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.
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.
- Week Ahead Economic Preview: Week of 6 April 2020
- Global business sees sharpest downturn since 2009 amid COVID-19 pandemic
- IHS Markit European GDP Nowcasts: European PMIs signal unprecedented drops in output during first quarter
- Caixin China PMI points to stable manufacturing conditions, but outlook remains dim
- Manufacturing downturn deepens outside of China
- Week Ahead Economic Preview: Week of 30 March 2020
- COVID-19 outbreak leads to largest collapse in eurozone business activity ever recorded
- Flash Japan PMI shows economic downturn deepening in March as coronavirus hits
US Composite PMI slid to a post-2009 low of 40.9 in March as the spread of the COVID-19 pandemic intensified, with… https://t.co/A9x18Q1gdF
UK Composite Output PMI ⬇️ to 36.0 in March, led by a slump in services activity as shops were closed to slow the C… https://t.co/eOkj8FRKS0