Monthly PMI Bulletin for November 2025

This Monthly PMI Bulletin details the global economic expansion observed in November 2025. The J.P. Morgan Global PMI Composite Output Index indicates a reading of 52.7, slightly down from 53.0 in October. This reflects a continuation of solid output growth, with projections suggesting global GDP growth at an annualized rate of 3.0%. The report highlights broad-based growth across manufacturing and service sectors, although at slower rates compared to the previous month. Key contributors to growth included financial services and improvements in healthcare and consumer services. Despite this growth, business sentiment remains low, creating uncertainty regarding future expansion. The report notes subdued inflationary pressures, particularly in the manufacturing sector. The Future Output Index is at one of its lowest levels in three years, indicating cautious expectations moving into December. Key takeaways include robust growth despite softening trends and persistent low business confidence affecting hiring and purchasing decisions.