Global PMI Monitor: US Manufacturing Recovers

The global composite PMI edged up to 51.8 in May, driven primarily by a notable recovery in US manufacturing which moved firmly into expansion. Meanwhile, manufacturing momentum weakened in the Euro area and China, reflecting divergent global economic trends.

Key Takeaways

• 1.US manufacturing PMIs have risen notably and are now firmly in expansionary territory.
• 2.The global composite PMI rose slightly to 51.8 in May, though services and manufacturing remained unchanged at 51.3 and 52.6.
• 3.Economic momentum is divergent: manufacturing improved in the US but fell in the Euro area and China.

Table of Contents

• Global trends:
• Major economy-level trends:
• Country-level trends:
• Activity components:
• Inflation-related components:
• Trade-related components:
• Analysis of PMIs From Our Economics Team
• Disclosure Appendix