Last updateMon, 21 Aug 2017 7pm


Global Manufacturing Growth Slips to Six-Month Low

The rate of expansion in the global manufacturing sector eased to a six-month low in May. This was signaled by the J.P.Morgan Global Manufacturing PMI posting 52.6, down slightly from 52.7 in April, but still above the long-run series average of 51.4.

Developed nations again tended to outperform emerging markets in May. Growth across emerging nations slowed to a pace only marginally above the stagnation mark. The Developed Markets PMI continued to signal solid and steady expansion.

Among the largest nations covered by the survey, the U.S. PMI slipped to an eight-month low and the China PMI dipped below the critical 50.0 no-change mark for the first time in 11 months. The UK PMI remained close to April’s three-year high. Rates of improvement strengthened in the euro area (six-year high) and Japan (three-month high). 

World Bank: Trade, Manufacturing to Boost 2017 Global Growth

The World Bank forecasts that global economic growth will strengthen to 2.7% in 2017 as a pickup in manufacturing and trade, rising market confidence, and stabilizing commodity prices allow growth to resume in commodity-exporting emerging market and developing economies.

According to the World Bank’s June 2017 Global Economic Prospects, growth in advanced economies is expected to accelerate to 1.9% in 2017, which will also benefit the trading partners of these countries. Global financing conditions remain favorable and commodity prices have stabilized. Against this improving international backdrop, growth in emerging market and developing economies as a whole will pick up to 4.1% this year from 3.5% in 2016. 

U.S. Adds 138,000 Jobs in May, Unemployment Rate Down to 4.3%

Total nonfarm payroll employment increased by 138,000 in May and the unemployment rate dropped to a 16-year low of 4.3%, the Department of Labor reported today. Economists were predicting an increase of approximately 180,000 jobs for the month. For April and May, the number of new jobs was revised downward by 66,000.

Most job gains in May occurred in health care and mining. Employment in other major industries, including construction and manufacturing, showed little change over the month. 

ISM: Manufacturing Expanded Modestly in May

According to the Institute for Supply Management (ISM), manufacturing expanded in May as the PMI registered 54.9%, an increase of 0.1% from the April reading of 54.8%, indicating growth in manufacturing for the ninth consecutive month.

“Comments from the panel generally reflect stable to growing business conditions, with new orders, employment and inventories of raw materials all growing in May compared to April. The slowing of pricing pressure, especially in basic commodities, should have a positive impact on margins and buying policies as this moderation moves up the value chain." Said Timothy R. Fiore, chair of the ISM manufacturing business survey committee. 

Fed Beige Book Reports Less Optimism in Some Regions

Most of the twelve Federal Reserve Districts reported that their economies continued to expand at a modest or moderate pace from early April through late May. The majority of Districts continued to report moderate growth in manufacturing activity and in most nonfinancial service sectors. Most energy sectors tended to modestly improve. A majority of Districts reported that firms expressed positive near-term outlooks; however, optimism waned somewhat in a few Districts. 

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