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PMI® Commentary and Analysis

Reliable and timely insight into the health of the global economy

Insights from our monthly Purchasing Managers’ Index™ (PMI®) survey data enable financial and corporate professionals to better understand where economies and markets are headed and uncover opportunities

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  1. European Commission sees eurozone contraction in 2013

    22 February 2013

    A downward revision to the European Commission's economic growth forecasts for the eurozone suggest that governments will be given more time...

    • Purchasing Managers’ Index (PMI)
  2. UK Government borrowing still set to rise despite healthy January surplus

    21 February 2013

    "Government borrowing figures were much better than expected in January but, with just two months of the tax year remaining, borrowing is still...

    • Purchasing Managers’ Index (PMI)
  3. Sharpest rise in U.S. manufacturing output in almost two years

    21 February 2013

    "The Markit Flash U.S. Manufacturing PMI signalled further expansion of the manufacturing sector in February, although the rate of growth slowed...

    • Purchasing Managers’ Index (PMI)
  4. Eurozone PMI signals steepening downturn in February

    21 February 2013

    "The Markit Eurozone PMI" Composite Output Index fell to 47.3 in February from 48.6 in January, according to the flash estimate. The decline...

    • Purchasing Managers’ Index (PMI)
  5. UK employment reaches all-time high

    20 February 2013

    The head scratching intensifies as data show employment rising to a new all-time high at the same time as the economy contracted at the end of...

    • Purchasing Managers’ Index (PMI)
  6. Using PMI data to analyse auto industry metal demand

    19 February 2013

    PMI data from Markit can be used to gain an insight into the auto sector's demand for raw materials such as metals and its relative performance...

    • Purchasing Managers’ Index (PMI)
  7. Week Ahead Economic Overview [18-22 Feb]: Flash PMIs released for US and eurozone

    15 February 2013

    The health of the global economy in February will come into focus with the publication of the flash PMIs on Thursday. The Markit-produced business...

    • Purchasing Managers’ Index (PMI)
  8. US industrial production growth trend hits 11-month high despite January dip

    15 February 2013

    "Industrial production fell 0.1% in January, confounding analysts' expectations of a 0.2% increase. The downturn was led by a 0.4% drop in manufacturing..."...

    • Purchasing Managers’ Index (PMI)
  9. UK retail sales suffer steepest downward trend for almost three years

    15 February 2013

    "Widespread heavy snowfall deterred high street shoppers in January, causing retail sales to drop 0.6% during the month, also down 0.6% on a...

    • Purchasing Managers’ Index (PMI)
  10. Official data confirm surveys, as Eurozone GDP shows largest fall since early-2009

    14 February 2013

    "Eurozone GDP contracted 0.6% in the final quarter of 2012, a steep contraction that was identified by PMIs well in advance of official data....

    • Purchasing Managers’ Index (PMI)
  11. Gloomier Bank of England sees monetary policy alone as insufficient to generate robust growth

    13 February 2013

    "The Bank of England revised down its growth forecasts in its latest quarterly Inflation Report and hiked its expectations for inflation. However...

    • Purchasing Managers’ Index (PMI)
  12. Eurozone industrial production suffers steepest quarterly fall since early-2009

    13 February 2013

    "Industrial production rose across the euro area in December, but the increase follows steep falls in each of the previous three months and care...

    • Purchasing Managers’ Index (PMI)
  13. UK inflation stuck at 2.7% despite weak demand

    12 February 2013

    "UK inflation remained stuck at 2.7% for the fourth month running in January, according to the Office for National Statistics. Retail price inflation...

    • Purchasing Managers’ Index (PMI)
  14. French industrial sector sees steepest quarterly downturn for almost four years

    11 February 2013

    "The French industrial sector suffered the steepest decline in output since the height of the financial crisis, official data for the end of...

    • Purchasing Managers’ Index (PMI)
  15. Week Ahead Economic Overview [11-15 Feb]: Eurozone GDP to show deepening recession

    08 February 2013

    The first estimate of eurozone GDP in the final three months of 2012 is expected to show the region contracting for the third successive quarter....

    • Purchasing Managers’ Index (PMI)
  16. Further signs of US upturn as exports jump 2.1% in December

    08 February 2013

    "Trade data for December paint a reassuring and encouraging picture of the US economy at the end of last year, suggesting the economy did not...

    • Purchasing Managers’ Index (PMI)
  17. Chinese export growth surges in January, inflation cools

    08 February 2013

    Strong growth of China's exports in January add to evidence that the world's second largest economy is seeing a further acceleration in the pace...

    • Purchasing Managers’ Index (PMI)
  18. Signs of UK upturn as production and exports rise in December

    07 February 2013

    "Manufacturing and trade showed signs of renewed life in December, adding to indications that the UK economy gathered momentum at the end of...

    • Purchasing Managers’ Index (PMI)
  19. German industrial sector shrinks at fastest pace since 2009

    07 February 2013

    "Manufacturing output in Germany is falling at the fastest quarterly rate since early 2009, according to official data which are now confirming...

    • Purchasing Managers’ Index (PMI)
  20. European auto sector stabilises in January

    07 February 2013

    "Having undergone the steepest downturn since the height of the financial crisis last year, January PMI data for the European automobiles industry...

    • Purchasing Managers’ Index (PMI)
  21. UK PMI surveys highlight the risks of nominal GDP targeting

    06 February 2013

    "The PMI surveys signalled a return to growth of the UK private sector economy in January, and have also moved back to a level consistent with...

    • Purchasing Managers’ Index (PMI)
  22. HSBC EMI: Emerging markets growth gains momentum in January

    06 February 2013

    "The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMI surveys, rose from 53.0 in December to 53.9 in January. That...

    • Purchasing Managers’ Index (PMI)
  23. UK PMIs signal economy's return to growth in January

    05 February 2013

    "Business activity in the UK picked up at the start of the year, according to the PMI surveys, pointing to a return to growth of the UK economy...

    • Purchasing Managers’ Index (PMI)
  24. Slower US expansion acts as drag on wider global economic upturn

    05 February 2013

    "Global economic growth slowed slightly in January compared to December's nine-month high, according to purchasing managers' surveys, but remained...

    • Purchasing Managers’ Index (PMI)
  25. Eurozone downturn eases but national divergence hits record high

    05 February 2013

    "At 48.6 in January, from 47.2 in December, the Markit Eurozone PMI Composite Output Index rose to a ten-month high and came in above its earlier...

    • Purchasing Managers’ Index (PMI)
  26. Week Ahead Economic Overview [4-8 Feb]: Service sector PMIs and ISM non-manufacturing

    01 February 2013

    "The week sees the publication of worldwide service sector PMI numbers for January, as well as monetary policy meetings at the ECB and Bank of..."...

    • Purchasing Managers’ Index (PMI)
  27. US: Solid growth of payrolls fails to prevent rise in jobless rate

    01 February 2013

    A solid gain in US employment provides welcome reassurance that the US economy is healthier than the surprise fall in fourth quarter GDP and...

    • Purchasing Managers’ Index (PMI)
  28. Growth of UK manufacturing production at 16-month high in January

    01 February 2013

    "UK manufacturing production continued to expand at the start of 2013, following a further increase in new orders and ongoing efforts to clear...

    • Purchasing Managers’ Index (PMI)
  29. Global manufacturing growth hits ten-month high in January

    01 February 2013

    "The global economy showed further signs of pulling out of the soft patch seen last year, with worldwide manufacturers reporting the first significant..."...

    • Purchasing Managers’ Index (PMI)
  30. Eurozone manufacturing recession eases at start of 2013

    01 February 2013

    "The downturn in the Eurozone manufacturing sector eased at the start of 2013, as rates of decline in production and new orders both slowed.Download...

    • Purchasing Managers’ Index (PMI)
  31. Surprise fourth quarter economic contraction in the US

    30 January 2013

    "The US suffered a surprise economic contraction in the final quarter of last year, but this is not likely to be the start of a double-dip recession....

    • Purchasing Managers’ Index (PMI)
  32. Eurozone business sentiment rises for third month running

    30 January 2013

    An increase in business sentiment for the third month running in January provides further evidence that the Eurozone's recession is showing signs...

    • Purchasing Managers’ Index (PMI)
  33. Week Ahead Economic Overview [28 Jan-1 Feb]: US GDP growth expected to have slowed in Q4

    25 January 2013

    The most important economic releases will come out of the US. The first estimate of US GDP in the final quarter of last year is expected to show...

    • Purchasing Managers’ Index (PMI)
  34. UK official data confirm fourth quarter economic contraction

    25 January 2013

    "The UK economy contracted more than expected in the final three months of last year according to official data, confirming earlier signs of...

    • Purchasing Managers’ Index (PMI)
  35. Germany: Business cycle upswing signalled as IFO survey rises in line with PMI

    25 January 2013

    "The IFO survey of German business conditions rose sharply in January, matching a similar rise in the flash PMI, published on Thursday. The positive...

    • Purchasing Managers’ Index (PMI)
  36. Worldwide manufacturing upturn gains further momentum in January

    24 January 2013

    "Purchasing manager surveys indicate that the global economy has picked up further momentum at the start of 2013. Markit's flash manufacturing...

    • Purchasing Managers’ Index (PMI)
  37. Eurozone downturn eases as PMI hits ten-month high

    24 January 2013

    "The Markit Eurozone PMI Composite Output Index rose for the third consecutive month in January according to the flash estimate, up to a ten-month...

    • Purchasing Managers’ Index (PMI)
  38. Chinese Manufacturing PMI starts 2013 on two-year high

    24 January 2013

    "China's manufacturing economy grew at the fastest rate for 24 months in January. The flash manufacturing PMI for China, produced by Markit on...

    • Purchasing Managers’ Index (PMI)
  39. UK labour market shows resilience as employment climbs to record high

    23 January 2013

    "The UK labour market continued to show surprising resilience in the face of signs of renewed economic weakness in the fourth quarter, with employment..."...

    • Purchasing Managers’ Index (PMI)
  40. UK government borrowing higher than expected as weak economic growth hits tax revenues

    22 January 2013

    "Government borrowing appears on course to be higher than planned for the current year, as austerity measures have failed to reduce government...

    • Purchasing Managers’ Index (PMI)
  41. Steel-user PMI data as a leading indicator of steel production

    22 January 2013

    "An insight into future steel production can be gleaned from surveys of how busy steel-using companies are, looking at their production, order...

    • Purchasing Managers’ Index (PMI)
  42. Week Ahead Economic Overview [21-25 Jan]: UK, South Korean GDP and worldwide Flash PMIs

    18 January 2013

    "Flash PMIs for China, the Eurozone and the US are published by Markit on Thursday, as is South Korean Q4 GDP. The UK publishes the first estimate...

    • Purchasing Managers’ Index (PMI)
  43. Week Ahead Economic Overview [14-18 Jan]: China GDP growth to have gained pace in Q4

    11 January 2013

    An overview of the week's economic releases.Download full article

    • Purchasing Managers’ Index (PMI)
  44. UK industrial production suffers steepest downward trend since April 2009

    11 January 2013

    Industrial production data for November add to the likelihood of the UK economy having contracted in the final quarter of last year. There are...

    • Purchasing Managers’ Index (PMI)
  45. Global Manufacturing PMI as a leading indicator of commodity prices

    10 January 2013

    "Historical analysis of the JP Morgan Global Manufacturing PMI, compiled by Markit, illustrates the predictive power of the index for tracking...

    • Purchasing Managers’ Index (PMI)
  46. Emerging market growth accelerates slightly in Q4 as manufacturing sector expands

    10 January 2013

    "The final EMI report for 2012 indicated a slight acceleration in economic growth across emerging markets worldwide. That said, total activity...

    • Purchasing Managers’ Index (PMI)
  47. China's trade surplus grows in December as exports revive

    10 January 2013

    "A revival of export growth helped drive China's trade surplus sharply higher in December. The trade data signal an encouragingly strong end...

    • Purchasing Managers’ Index (PMI)
  48. UK trade deficit narrows as rising goods exports add to signs of manufacturing revival

    09 January 2013

    "An upturn in goods exports in November adds to signs that the manufacturing economy showed signs of improving in the final quarter of last year....

    • Purchasing Managers’ Index (PMI)
  49. Steep fall in German industrial production raises spectre of fourth quarter GDP slide

    09 January 2013

    Official industrial production data have moved closer into line with survey data which have indicated that the German economy contracted in the...

    • Purchasing Managers’ Index (PMI)
  50. Slumping exports add to fourth quarter downturn worries in Germany

    08 January 2013

    A steep fall in exports adds to evidence that the German economy slid into contraction in the final quarter of 2012. The business surveys suggest...

    • Purchasing Managers’ Index (PMI)
  51. Output trends improve across most European sectors in December, with banks in particular returning to growth

    08 January 2013

    "Although 14 of the 22 sectors covered by detailed sector PMI data for Europe posted a reduced level of output in December, the rates of contraction...

    • Purchasing Managers’ Index (PMI)
  52. Global economy ends 2012 on nine-month high

    08 January 2013

    "Global economic growth edged up to a nine-month high in December, according to the global PMI surveys, rounding off the best quarter since the...

    • Purchasing Managers’ Index (PMI)
  53. France: Slumping exports add to fourth quarter downturn worries

    08 January 2013

    "French exports fell sharply in November, according to official data, matched by a similar steep fall in imports. Survey data suggest that a...

    • Purchasing Managers’ Index (PMI)
  54. Week Ahead Economic Overview [7-11 Jan]: No change in policy expected at the BoE and ECB

    04 January 2013

    An overview of the week's economic releases.

    • Purchasing Managers’ Index (PMI)
  55. UK: Renewed weakness in December PMI surveys rounds off worst quarter for three-and-a-half years

    04 January 2013

    The UK saw a renewed bout of economic weakness at the end of 2012. The all-sector Output Index from the three PMI surveys fell below the 50.0...

    • Purchasing Managers’ Index (PMI)
  56. Slowest decline in Madrid economic output for a year-and-a-half

    04 January 2013

    "PMI survey data indicate that the economic downturn has moderated sharply in the Madrid region, providing a ray of hope while the country as...

    • Purchasing Managers’ Index (PMI)
  57. Ireland bucks Eurozone downturn as growth accelerates in the fourth quarter

    04 January 2013

    "The Irish economy continues to recover modestly, in contrast to the picture seen across much of the rest of the Eurozone. The latest official...

    • Purchasing Managers’ Index (PMI)
  58. Global economic growth at nine-month high in December

    04 January 2013

    "Global private sector output expanded at the fastest pace for nine months in December, rounding off the strongest quarter since Q1 2012. Trends...

    • Purchasing Managers’ Index (PMI)
  59. Eurozone downturn eases at the end of 2012. Germany returns to growth, but recessions continue in France, Italy and Spain

    04 January 2013

    "The Eurozone downturn eased further at the end of 2012, as rates of contraction in economic output and new business slowed. At a nine-month...

    • Purchasing Managers’ Index (PMI)
  60. Activity at Hotels & Restaurants in Spain falls sharply after VAT rise

    04 January 2013

    In September 2012, Spain raised both its headline rate of VAT and the reduced rate eligible on certain items to help cut the budget deficit....

    • Purchasing Managers’ Index (PMI)
  61. UK manufacturing production and new orders expand in December

    02 January 2013

    "The UK manufacturing sector ended 2012 on a positive note, with levels of production and new orders rising at faster rates in December. The...

    • Purchasing Managers’ Index (PMI)
  62. Global manufacturing holds steady at end of 2012

    02 January 2013

    "The global manufacturing sector continued to stabilise in December. At 50.2, from 49.6 in November, the JPMorgan Global Manufacturing PMI -...

    • Purchasing Managers’ Index (PMI)
  63. Eurozone manufacturing ends 2012 mired in recession, as demand from domestic and export markets remains weak

    02 January 2013

    "The Eurozone manufacturing sector ended the year on a weak footing, with levels of production and new orders both contracting further in December....

    • Purchasing Managers’ Index (PMI)

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