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The global economy expanded for a twentieth straight month in
February, according to the JPMorgan Global PMI™ (compiled by IHS
Markit), with the rate of expansion accelerating from January's
18-month low as the COVID-19 Omicron wave showed signs of
easing.
Both manufacturing and services growth improved in February.
Services led the rebound with the strongest overall rate of
expansion being in businesses services, followed by consumer
services. Developed world output growth surpassed that of emerging
markets, once again underpinned by services activity expansion.
Fewer restrictions across Western economies such as the US, UK and
eurozone supported the recovery in developed market output
growth.
On manufacturing performance, global manufacturing growth picked
up from the one-and-a-half year low in January although the overall
rate of expansion continued to be constrained by supply chain
delays and manpower shortages. Prior to the eruption of the Ukraine
crisis in late February, the PMI data also reflected persistent
inflationary pressures faced by firms. These pressures may well be
exacerbated by the latest Ukraine crisis through multiple channels
- such as upon energy prices, supply chain disruptions, the
building of safety stocks and confidence - which we will be closely
watching with the March PMI figures.
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.
