This is a GDP-weighted average of PMIs for the big 8 economies of the world (US, Europe, China, Japan, UK, Russia, India, Brazil) which together represent ±70% of the world economy. Each country PMI is extreme-adjusted before being aggregated.
The aggregate has been below the 50% recession line for 3 months, now, but it fell a little more slowly during the month. India and Russia both rose. Is this the prelude to a turn, with PMIs starting to rise from now on? I doubt it, for lots of reasons, which I won't go into here, because I want want to do a thorough piece. But we will see!
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