Global PMI slips from 15-year high in June
The global economy expanded at a solid rate again in June, according to the JPMorgan (NYSE:JPM) Global PMI™ (compiled by IHS Markit). Although the rate of growth slowed slightly, the improvement was still among the strongest recorded over the past 15 years. The latest expansion took the recent run of growth into its twelfth consecutive month.
The global expansion was again led by the service sector, which outperformed manufacturing for a third successive month despite the rate of increase easing compared to May's 15-year peak. Manufacturing also continued to expand at a strong rate (enjoying one of the best performances for over a decade), though likewise saw a modest cooling in the rate of growth.
The outperformance of the service sector throughout the second quarter has coincided with COVID-related restrictions easing globally on average to the lowest since the pandemic began, albeit with marked variations by region.
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