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 rises but also brings signs of slower future growth

At 54.0 in May, the headline JPMorgan Global Composite PMI, compiled by IHS Markit, rose for a second successive month. Although remaining below the highs seen earlier in the year, the survey data are consistent with global GDP rising at a reasonably solid annual rate of just over 2.5% (at market exchange rates) so far in the second quarter.

Growth may slacken off in June, as new order inflows grew at the joint-slowest rate seen over the past seven months, and backlogs of work grew at a slightly reduced rate. Companies meanwhile took on staff at the slowest rate since last October, in part due to future expectations of growth slipping. However, while all key indices other than output edged slightly lower in May, all remained in positive territory and matched or bettered the averages seen over 2017. As such, the surveys indicate few significant downside risks to the immediate global outlook.

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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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