汇丰银行-全球宏观经济-no signs of hard landing global pmi wrap-up-20170706-hsbc.pdfVIP

6 July 2017   No signs of hard landing ECONOMICS GLOBAL Global PMI wrap-up The global composite PMI eased slightly in June Fabio Balboni European Economist The manufacturing sector seems past its peak but it looks like HSBC Bank plc fabio.balboni@ there wont be any hard landing… + 44 20 7992 0374 …whilst healthy job creation continues to support services activity 1. Composite PMIs – World at a glance Source: Markit, HSBC The global composite PMI eased slightly to 53.7 in June, from 53.8 in May, although it remains just 0.2ppt off the January peak. To cloud the picture, new orders and employment both picked up, with the latter reaching the highest print in two years. The news of the month is that the composite PMIs have finally eased a little in the eurozone after eight consecutive monthly increases, suggesting that growth might be starting to cool off after a very strong start of the year. The global manufacturing PMI was broadly stable, at 52.6, although employment growth picked up slightly, reaching the highest level since February. The manufacturing PMIs continued to rise in the eurozone, reaching the highest level in over six years, and reverted back to expansionary territory in China, while easing off in the US for the fifth consecutive month (although the ISM survey points to a m