The following is an extract from S&P Global Market Intelligence's latest Monthly PMI Bulletin. For the full report, please click on the 'Download Full Report' link.

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The rate of global economic expansion accelerated to a four-month high in June, with the rebound mainly reflecting a revival in China, where an easing of COVID lockdowns underpinned a solid return to growth.

The J.P.Morgan Global Composite Output Index* (compiled by S&P Global) rose from 51.3 in May to 53.5 in June, the highest reading since February 2022. Removing Mainland China from the calculation highlights a very different trend, however, with the respective index slumping to a five-month low.

Trends elsewhere were also mixed in June: other major emerging markets reported further solid or reviving growth, but developed world output growth slowed to the second-weakest since January 2021 led by worsening performances in the US and eurozone. June consequently saw the strongest outperformance of the emerging markets relative to the developed world during growth phases for a decade.

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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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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.