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Monthly PMI Bulletin: March 2024
The global economic expansion accelerated for a fourth straight month in February as both manufacturing output and services activity grew at faster rates. This was accompanied by rising selling price inflation, however, driven by the service sector. The J.P.Morgan Global PMI Composite Output Index - produced by S&P Global - rose to 52.1 in February, up from 51.8 in January. The headline PMI continued to sit below the survey's long-run average of 53.2 and is consistent with an annualized quarterly global GDP growth of approximately 2%, which remains well below the pre-pandemic ten-year average of 3.0%. That said, the ... (full story)