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Monthly PMI Bulletin: January 2022

10 January 2022 Chris Williamson Jingyi Pan

The following is an extract from IHS Markit's latest Monthly PMI Bulletin. For the full report, please click on the 'Download Full Report' link.

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The global economy expanded for an eighteenth straight month in December, according to the JPMorgan Global PMI™ (compiled by IHS Markit). The rate of expansion eased to a three-month low, however, as a surge in COVID-19 cases globally weighed on service sector performance.

Both manufacturing and service sectors expanded in December, although services business activity growth eased to a three-month low. A renewed rise in COVID-19 cases, fuelled by the spread of the more infectious Omicron variant, led to increased restrictions (both imposed and voluntary). This implicated the service sector performance in December, particularly for those dependent on face-to-face interactions. That said, services output growth continued to surpass that of manufacturing for a ninth successive month.

Meanwhile, manufacturers reported that constraints on production eased, which had been a positive sign. Supplier delivery delays eased while price pressures cooled in December, though supply issues remained a significant drag on production globally. The risk remains that the more infectious Omicron variant spread can further aggravate growth and supply chain issues, making it a key unknown to monitor going into 2022.

Global PMI and COVID-19 containment

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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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