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Manufacturing & The Economy

Global Economic Growth Slows at End of the Second Quarter 2013

At 51.4 in June, down from 52.9 in May, the Global All-Industry Output Index– produced by JPMorgan and Markit in association with ISM and IFPSM – posted its lowest reading in a year. The index has nonetheless remained in expansion territory throughout the past 47 months.

The weaker rate of increase signaled during June was mainly due to a sharp slowdown in global service sector growth, in turn largely the result of a marked deceleration in the U.S. non-manufacturing industry. Subsequently, growth of U.S. all-industry output eased to its weakest during its current near four-year sequence of expansion.

Rates of increase also eased in Japan, India, Brazil and Russia, while China fell back marginally into contraction territory. The eurozone downturn eased, as Germany eked out marginal growth and rates of contraction eased in France, Italy and Spain. The UK and Ireland were brighter spots, seeing accelerated growth of output.

Global service sector business activity has now increased continuously since August 2009, but the latest rate of expansion was the weakest since June last year. Although manufacturing production expanded at a similar pace to services output, this represented a mild improvement in the rate of growth to a three-month peak.

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