The following is an extract from IHS Markit's latest Monthly PMI Bulletin. For the full report, please click on the 'Download Full Report' link.

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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.

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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.