ECONOMICS COMMENTARY — Dec 07, 2021
Monthly PMI Bulletin: December 2021
By Chris Williamson and Jingyi Pan
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.
The global economy expanded for a seventeenth straight month in November, according to the JPMorgan Global PMI™ (compiled by IHS Markit). The rate of expansion improved from October and was the quickest in fourth months, supported by growth of new orders, exports and a rise in employment levels.
Both manufacturing and service sectors recorded growth in output with services outpacing manufacturing for the eighth straight month, though manufacturing production rose at a faster rate than October.
Signs of supply constraints continuing to plague the manufacturing sector were again evident, particularly in the US and Europe. Supplier delays and increased backlogs of work were seen through the PMI sub-indices. One positive sign had been rising Asian output supporting global manufacturing, though this was prior to the onset of the COVID-19 Omicron variant's global spread.
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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.
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.