Economy
June 6, 2019
Global PMI Contracts in May to Lowest Level Since 2012
Written by Sandy Williams
Global manufacturing activity sank into contraction in May. The JP Morgan Global Manufacturing PMI slipped to 49.8 last month for its lowest level since October 2012. International trade concerns dampened new export orders, which fell for the ninth month in a row. Business optimism fell to a level not seen since October 2012.
Said JP Morgan and IHS Markit: “National PMI data signaled deteriorating business conditions in several major industrial regions including the Euro area, Japan, the UK, Canada, South Korea and Taiwan. PMI readings for the U.S., China and Brazil were only a few ticks above the benchmark 50.0 no-change mark. The downshift in growth in the U.S. was the main driver of the slowdown in global manufacturing, as the U.S. PMI slipped to its lowest level in almost a decade (September 2009).”
