For the first time, the people who do the PMI surveys, S&P Global, have managed to find somebody (HSBC) to sponsor a "flash" estimate of manufacturing and services PMIs for India. (The final data won't be available for another week or so.) As you can see, the Big 5 PMI is very close to the Big 8 PMI. I calculate both using purchasing power parity (PPP) GDP. In fact, usually China's PMI doesn't move a lot, because the PMI survey asks whether sales/production/employment etc., are up or down on last month. Up till the Covid crash, China was always growing, so its PMI series tended to show little variation over time (there were some month-to-month fluctuations).
The Big 5 PMI includes the PMIs for the US, UK, Japan, Euro Area (EA) and India; the big 8 adds in China, Russia and Brazil. The big 5 PMI covers ~52% of the world, the big 8, ~70%.
The chart shows the average of manufacturing and services PMIs, not just manufacturing, so it gives a good guide to GDP.
A "soft landing" indeed.
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