Economic output continues to track above the dreaded expansion-contraction line (50) in JPMorgan and Markit Economics research, but the global manufacturing and services Purchasing Managers' Index (PMI) fell to its lowest level in 14 months to close out 2014.
Much like data included in the latest NACM's Credit Managers’ Index, the December performance in the Global All-Industry Output Index is disconcerting. The index fell to 52.3 from its November level of 53.1.
"The latest PMI data point to further easing in the rate of global economic growth," said David Hensley, director of global economics coordination at JP Morgan. "The underlying dynamics of the survey are weaker across the board." To wit, output, new orders, input prices and employment all continue to rise, but at a much slower rate than previously, according to index producers JP Morgan and Markit. In addition, the backlog category not only fell, but it now sits in contraction territory (49.9).
There were only a few sources – United Kingdom, Ireland, Mexico, South Korea, Vietnam – of good news in the latest roundup of monthly data on the part of the two firms.
- Brian Shappell, CBA, CICP, NACM managing editor
For more information on the latest global PMI
data, see the extended version of this story in this week’s edition of eNews or visit www.markiteconomics.com for a full list of country-specific press releases.