Solid Q2 growth masks widening growth differentials

The global economy enjoyed further steady growth in June, according to the latest PMI data. The JPMorgan PMI™, compiled by IHS Markit, edged down from 53.8 in May to 53.7 in June, but still completed a solid Q2. At 53.7, the Q2 average was unchanged on that seen in Q1, which had in turn been the best performance for two years. The surveys have therefore been signalling global GDP growth of approximately 2.5% per annum over the first half of 2017.

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