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The global economy expanded for a twenty-first straight month*
in March, according to the JPMorgan Global PMI™ (compiled by
S&P Global), but the rate of growth eased to the slowest since
January on the back of intensifying inflationary pressures, supply
chain issues and geopolitical tensions.
Both manufacturing and services output growth slowed, though
services maintained the lead. The easing of COVID-19 containment
measures that were previously tightened in the face of the Omicron
variant's spread continued to benefit the service sector in
particular, keeping the rate of expansion above that of
manufacturing. Amongst the developed countries, the US and UK saw
composite PMI output growth accelerate with COVID-19 restrictions
down to pandemic-lows in March. In comparison, growth in the
eurozone had been dampened by the Ukraine war and tighter health
restrictions than seen in the US and UK.
Meanwhile global manufacturing growth lost further momentum,
with the JPMorgan Manufacturing PMI™ (compiled by S&P Global)
falling to a one-and-a-half year low in March. The negative
consequences of the Ukraine war and new COVID-19 related
disruptions, especially in China, included the intensification of
supply chain delays, heightening of price pressures and a renewed
fall in global trade flows. Business confidence was also hard hit
by the recent developments. With the Ukraine war continuing to
bring about uncertainties and mainland China widening the COVID-19
curbs into April, the effects on businesses may well extend into
coming months, which we will be tracking through the upcoming PMI
figures.
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.
