The world is slowing

14 Jul

Michael Roberts Blog

There has been much talk of recovery picking up pace in the advanced capitalist economies but slowing down in the emerging economies, particularly China.  To get a more timely feel on the level of activity in the world economy, I use the purchasing manager’s indexes (PMIs).  These are monthly surveys compiled from companies in various countries on the state of production, employment, prices and orders, indexed up into a country by country figure.  The PMIs for June look like this.  These are PMIs for combined manufacturing and services sectors.


Anything over 50 implies that the economy is expanding.  In June, the only region still contracting was the Eurozone – still deep in recession.  But note that the Eurozone PMI is up from the figure in April.  So it would appear that the the rate of the Eurozone’s contraction is slowing – a small mercy.  Everywhere else, there is expansion.  However…

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