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Macroeconomic Trends

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  Last update  
  4 Jun 2017  
  Growth of global manufacturing slips to six-month low in May  

The rate of expansion in the global manufacturing sector eased to a six-month low in May. This was signalled by the J.P.Morgan Global Manufacturing PMI™ – a composite index produced by J.P.Morgan and IHS Markit in association with ISM and IFPSM – posting 52.6, down slightly from 52.7 in April, but still above the long-run series average of 51.4.

Please note that later than usual release date meant May 2017 PMI data were not available for Indonesia.

Developed nations again tended to outperform emerging markets in May. Growth across emerging nations slowed to a pace only marginally above the stagnation mark. The Developed Markets PMI continued to signal solid and steady expansion.

Among the largest nations covered by the survey, the US PMI slipped to an eight-month low and the China PMI dipped below the critical 50.0 no-change mark for the first time in 11 months. The UK PMI remained close to April’s three-year high. Rates of improvement strengthened in the euro area (six-year high) and Japan (three-month high).

Worldwide manufacturing production rose for the fifty-fifth successive month in May, underpinned by a solid increase in new work received. However, the rate of expansion in output moderated further to its weakest since last November. Growth of new business steadied at April’s five-month low.

The upturn remained broad-based by sub-sector. Similar rates of output expansion were seen across consumer, intermediate and investment goods producers. There was greater variation between the trends in new orders. The investment goods sector saw the strongest increase, with the pace of expansion the second-fastest in almost three years. Growth also accelerated at intermediate goods producers, but eased to an 11-month low for consumer goods.

Companies maintained a positive one-year ahead outlook for production volumes in May. Meanwhile, rising levels of work-in-hand suggested current capacity was still being tested.

The combination of higher order intakes, an optimistic outlook and rising backlogs of work encouraged further job creation in May. Employment rose for the ninth month in a row and at a pace above the average for that sequence.

Price pressures continued to ease in May. This was highlighted by the rates of increase in both input costs and output charges easing to eight-month lows. Both price measures also tended to signal sharper increases for developed nations (on average) than in emerging markets.


  Country/Area Index Source Link  
  Global J.P.Morgan Global Manufacturing PMI IHS Markit  


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