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The global economy expanded for a seventeenth straight month in
November, according to the JPMorgan Global PMI™ (compiled by IHS
Markit). The rate of expansion improved from October and was the
quickest in fourth months, supported by growth of new orders,
exports and a rise in employment levels.
Both manufacturing and service sectors recorded growth in output
with services outpacing manufacturing for the eighth straight
month, though manufacturing production rose at a faster rate than
October.
Signs of supply constraints continuing to plague the
manufacturing sector were again evident, particularly in the US and
Europe. Supplier delays and increased backlogs of work were seen
through the PMI sub-indices. One positive sign had been rising
Asian output supporting global manufacturing, though this was prior
to the onset of the COVID-19 Omicron variant's global spread.
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.
