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 PMI hits four-month high but future expectations slip lower

Global economic growth accelerated for a third successive month in June, according to the latest PMI business surveys. At 54.2 in June, the headline JPMorgan Global Composite PMI, compiled by IHS Markit, rose to a four-month high, suggesting at least some of the slowdown in business activity seen earlier in the year had been temporary. The survey data are consistent with global GDP rising at an annual rate of just over 2.5% (at market exchange rates) in Q2.

However, an improvement in the rate of service sector expansion was countered by a slowdown in manufacturing, as the goods-producing sector reported weakened order book and trade growth. The June surveys registered the smallest rise in global trade for almost two years. Future expectations meanwhile fell, in part attributable to growing trade war fears. The outlook among manufacturers was the least optimistic for 19 months.

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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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