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The following is an extract from S&P Global Market
Intelligence's latest Monthly PMI Bulletin. For the full report,
please click on the 'Download Full Report' link.
August saw global economic activity contract for the first time
since June 2020, as new order inflows declined, international trade
volumes fell and signs of excess capacity grew. There was better
news on the price front, however, with rates of input cost and
output charge inflation both easing.
The
J.P.Morgan Global Composite Output Index - produced by S&P
Global - fell to 49.3 in August, from 50.8 in July. If lockdown
months are excluded, the latest reading was the lowest since June
2009, during the global financial crisis. Output contracted in both
the manufacturing and service sectors, the first time both
categories have been in concurrent downturns since June 2020.
Although only modest, the downturn reflects an increasingly
broad-based deterioration of output and demand conditions both by
sector and region. Companies are also taking a more cautious
approach to cost control and employment in the face of the
worsening economic climate.
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.
