Key Points
Global PMI fell to 50.6 in May, down from 51.4 in April, lowest reading in five months;
Eurozone and UK PMIs fall to three-year low;
Germany, France, Italy, Spain, and Netherlands in contraction;
Poland, Czech Republic and Switzerland decline accelerates;
U.S. and Asia slowing;
China conditions are deteriorating;
Manufacturing production increased for sixth month;
Growth in new orders sluggish;
Europe, China, and Japan reported lower new export business;
U.S. new exports slowed sharply;
Employment rose for thirtieth successive month;
Inflation pressures show marked drop;
Markit reports,
Commenting on the survey, David Hensley, Director of
Global Economics Coordination at JPMorgan, said:“The rate of expansion in global manufacturing production slowed sharply in May, as growth of total order books remained lacklustre and international trade volumes posted a marginal decline. The sector is hitting a softer patch heading into mid-year and this is being reflected in reduced cost inflationary pressures and lower commodity prices.”
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