Summary
The Monthly PMI Bulletin for January 2024 presents a report on global economic conditions, highlighting an acceleration in growth observed in December 2023. The J.P. Morgan Global PMI Composite Output Index increased to 51.0, indicating growth for the second consecutive month, although it remains below the long-run average. The report details sectoral divergences, with service sector activity expanding while manufacturing output continued to decline. Emerging markets contributed significantly to growth, contrasting with the contraction observed in developed markets. The report also addresses inflationary pressures, noting that input cost inflation has risen, and selling prices have remained stable. The analysis emphasizes the importance of monitoring demand conditions, as new orders showed only marginal growth, primarily in the service sector. The report concludes with a cautionary note regarding potential supply chain risks and their impact on future price levels and demand dynamics.
