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 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 (NYSE:JPM) 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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