The JP Morgan Global Composite Purchasing Managers Index (PMI), compiled by S&P Global, registered 51.5 in May, up slightly from 51.2 in April but still indicating the third-weakest global expansion seen since July 2020. So far in the second quarter, the global PMI has been running at a level broadly indicative of worldwide GDP rising at a sluggish annualized rate of just 2.2%. The rate of growth inched higher, however, as the severe downturns that have afflicted the economies of mainland China and Russia showed signs of moderating. At the same time, looser COVID-19 restrictions helped drive growth rebounds around the world.Powered by Commodity Insights
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