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The global economy expanded for a fourteenth straight month in
August, according to the JPMorgan Global PMI™ (compiled by IHS
Markit). However, the rate of expansion was the slowest
since January.
Both manufacturing and service sectors contributed to the easing
of growth as COVID-19 cases rose around the world and
induced further caution. Impeded by sustained
supply-side constraints, global manufacturing
growth fell to the lowest in 14 months. PMI sub-indices also showed
a lengthening of average supplier lead times to an extent exceeded
only twice in the survey's 23-year history, linked in turn to yet
another steep rise in prices and underscoring the
unprecedented supply chain pressures faced by firms.
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.
