Global Manufacturing PMI rose to 56.0 in May reaching its highest level since April 2020 as production increased at its fastest pace in a decade. Accelerated new order growth pressurized production capacities leading to a rise in price inflation.
The JP Morgan/IHS Markit Global Manufacturing PMI indicates that the outlook remains positive supported by manufacturers forecasting a further rise in output over the next 12 months. Solid improvements in the business environment across the consumer goods, intermediate and investment goods sectors.
Of the 30 nations’ data analysed for the index, 24 reported improved business conditions. Europe topped the recovery with six top countries the Netherlands, Austria, UK, Germany, Ireland and Italy located in the region. US manufacturing also reported a robust pace of expansion. While slow growth was witnessed in China, India, Japan and Russia. Growth in Turkey, Thailand, Mexico, the Philippines, Colombia and Myanmar also witnessed contractions.