The worldwide PMI surveys indicated a strengthening of global economic growth in July, led by rebounding activity from coronavirus disease 2019 (COVID-19) lockdowns. The JPMorgan Global PMI™ (compiled by IHS Markit) rose for a third successive month in July, up from 47.8 in June to 50.8. The latest reading breached the no-change 50.0 level for the first time in six months to indicate expanding worldwide output across the combined manufacturing and service sectors.
The PMI had collapsed to an all-time low of 26.2 in April as governments around the world took increasingly drastic measures to contain the COVID-19 pandemic, including the widespread closures of non-essential businesses and restricting movement and travel. Since then the PMI has risen sharply as these containment measures have been eased, though the still-subdued level of the PMI reflects the fact that some measures remain in place, and recent weeks have even seen some restrictions re-imposed.
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