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Monthly PMI Overview May 2018

10 May 2018 Chris Williamson

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.

Global economy settles into lower gear, but US bucks slowdown trend

PMI survey data indicate that global economic growth has settled into a slower (but still robust) pace in recent months. At 53.8 in April, the headline JPMorgan Global Composite Output PMI™, compiled by IHS Markit, failed to regain even half of the 1.5 point drop seen in March, leaving the rate of growth signalled much lower than that recorded earlier in the year. Nevertheless, the rate of increase was still in line with the average over 2017. As such, the PMI is consistent with global GDP rising at a reasonably solid annual rate of just over 2.5% (at market exchange rates) at the start of the second quarter.

The composition of growth also appears to be changing, with the US showing increasing signs of driving the global expansion. US growth accelerated slightly in April, while growth across the eurozone continued to run below the strong rates seen at the turn of the year. The UK and Japan lagged behind again, though the latter enjoyed its strongest expansion for nearly a year.

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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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© 2018, IHS Markit Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.

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