Global PMI at near 3½ year high at start of 2018, all major economies expanding

  • The global economy started 2018 with accelerating momentum, according to PMI survey data. The headline JPMorgan Composite Output PMI™, compiled by IHS Markit from its various national PMI surveys, hit 54.6 in January, up from 54.3 in December and its highest since September 2014. The latest surveys are broadly consistent with global gross domestic product growth accelerating to an annual rate approaching 3% at market prices.
  • A major development in recent months has been a marked improvement in emerging markets, for which the PMI data for January signalled the fastest rate of expansion for five years. Developed world growth meanwhile remained strong, running at one of the highest levels seen over the past three years, underscoring the broad-based nature of the current upturn.

 

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