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ECONOMICS COMMENTARY
Apr 14, 2015
Markit economic overview
The following is an extract from Markit's monthly economic overview. For the full report please click the link at the bottom of the article.
Developed world leads global economic growth to six-month high
Global economic growth accelerated for a third month running in March, reaching a six-month high according to the JPMorgan Global PMI", compiled by Markit. The latest reading is broadly consistent with worldwide GDP expanding at an annual rate of 2.5%, up from 2.0% at the end of last year. However, the emerging markets underperformed relative to the developed world to one of the greatest extents seen in recent years.
Global PMI and economic growth
Developed v. emerging markets
US, UK and Eurozone lead global economic upturn
Developed world growth hit a seven-month high led by welcome signs of faster expansions in the US, Eurozone and the UK. But Japan slipped back into contraction. The emerging markets also remained in the doldrums, collectively seeing a weaker expansion than in February, led by steep downturns in Russia and Brazil. India and China saw growth rates remain modest.
Developed world
Emerging markets
US economy shows signs of reviving after soft patch
Having signalled a marked easing in the pace of US economic growth around the turn of the year, Markit'sUS PMI surveys are indicating that the pace of expansion and hiring will pick up again in the second quarter. The slowdown has led markets to not price in the first rate rise until December (according the Fed Funds rate futures), but any upturn in coming months will increase the chance of a September rate hike.
US economic growth (GDP v PMI)
US manufacturing output
Chris Williamson | Chief Business Economist, IHS Markit
Tel: +44 20 7260 2329
chris.williamson@ihsmarkit.com
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