Global economic growth surges to 15-year high as COVID-19 lockdowns ease
IHS Markit | Jun 22, 2021 07:06
Global economic growth accelerated to the fastest for 15 years in May as economies continued to open up from COVID-19 related restrictions. At 58.4 in May, up from 56.7 in April, the JPMorgan (NYSE:JPM) Global PMI™ (compiled by IHS Markit) struck its highest since April 2006. The latest expansion took the recent run of growth into its eleventh consecutive month.
The acceleration in global growth was led by the service sector, which expanded at a rate not seen since 2006. Manufacturing also continued to expand at one of the strongest rates seen over the past decade, albeit losing slight momentum. The outperformance of the service sector so far in the second quarter has coincided with COVID-related restrictions easing globally to the lowest since last September. June is set to see these containment measures ease further to the lowest since the pandemic began. Manufacturing's relatively weaker performance was in part linked to supply chain delays.
"Disclaimer: The intellectual property rights to these data provided herein are owned by or licensed to Markit Economics Limited. Any unauthorised use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing is not permitted without Markit’s prior consent. Markit shall not have any liability, duty or obligation for or relating to the content or information (“data”) contained herein, any errors, inaccuracies, omissions or delays in the data, or for any actions taken in reliance thereon.
In no event shall Markit be liable for any special, incidental, or consequential damages, arising out of the use of the data. Purchasing Managers' Index™ and PMI™ are either registered trademarks of Markit Economics Limited or licensed to Markit Economics Limited. Markit is a registered trade mark of Markit Group Limited."
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.