The big 5 PMI rose sharply in December, mostly because of a jump in the USA's services component, but the other components also ticked up. Remember, these are "flash" estimates, and could be revised. The big 5 PMI covers economies representing just over 50% of world GDP, and is a GDP-weighted average of the USA, the Euro zone (EA), UK, Japan and India. "Flash" estimates for China, Brazil and Russia are not released. As usual, to calculate the big 5 totals, each country's PMI for manufacturing and for services is extreme-adjusted, and then weighted by that country's GDP, before being added up. The total (i.e., average) PMI for the big 5 correlates well with GDP for the these countries. If the index is above 50%, GDP is expanding, and the higher it is above 50%, the faster it is expanding.
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