Despite China's and Russia's PMIs rebounding a little, the average PMI for the big 8 economies/regions fell a little in May. The index covers eight countries/regions: the USA, Euro zone, UK, Japan, China, Brazil, India & Russia. Each component is extreme-adjusted and then weighted by PPP GDP to derive the total.
The chart below shows the Big 8 PMI compared with the extreme-adjusted year-on-year change in industrial production for the Big 8, also weighted by PPP GDP. The advantage of the PMI indicator is that we have data for May, but industrial production is only available to end March, and even then not all component country IP data are available.
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