Global Manufacturing Slows in May

Global manufacturing was at a nine-month low in May, according to data from J.P. Morgan and IHS Markit, in association with ISM and IFPSM. The composite Global Manufacturing PMI dipped to 53.1 from 53.5 in April. The second-quarter PMI average shows “mild growth deceleration” compared to the first quarter, said J.P. Morgan. The U.S. outperformed the Eurozone for the second consecutive month.

Commenting on the survey, David Hensley, Director of Global Economic Coordination at J.P. Morgan, said: “The May PMI data suggest global manufacturing output growth is holding up well. Output growth is down from the robust pace of 2H17, but it remains solid. Our separate measures of global final goods demand are firming this quarter, supporting output growth. However, the PMI suggests that inventory growth may be decreasing. Such a shift in the mix of demand would be positive for the future.”