PMI Data: Time Of Softer Economic Growth Is Not Yet Over
Jeroen Blokland | Jul 02, 2019 11:25
The wave of business confidence data published yesterday shows that the current period of softer economic growth is not yet over.
The Eurozone Manufacturing PMI came in at 47.6, making it the fifth consecutive monthly publication of a sub-50 reading. Manufacturing PMIs are below 50 for many other countries, too, including China, Australia and Japan.
As a result, the global PMI has fallen to its lowest level in more than six-and-a-half years. Things look slightly better in the US, with an ISM Manufacturing Index of 51.7. This is nevertheless the lowest reading in almost three years. Equity markets are discounting better growth in the second half of the year, but that certainly is not a given.
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