Food, banks and high-tech services drive global growth in May
Global sector PMI" data from Markit showed a clear trend of services and food-led growth in May. Food producers registered the strongest overall rate of output expansion, while service sectors occupied nine of the top 12 sector rankings. In contrast, five of the bottom-six ranked sectors were manufacturing-related.
Global Sector PMI: detailed sectors
Food production regains momentum
Global food producers registered a rebound in growth in May, following a slowdown the previous month. As a result, the sector led the global growth rankings for the third time in four months, climbing 15 places in the table in the process - more than any other sector. Its sister sector, beverages, also registered solid growth, ranked seventh overall.
Banks registered the second-fastest rate of growth in May, enjoying its strongest expansion since last August and moving up seven places in the table. The next-best performing sectors were all related to healthcare and technology: software & services, pharmaceuticals & biotechnology, telecommunication services and healthcare services.
At the other end of the table, output fell in the metals & mining and forestry & paper products sectors. Metals & mining remained the bottom-ranked sector for the fourth month in a row, with a fourth successive drop in production. The remaining basic materials sector, chemicals, grew for the thirty-first consecutive month, albeit at a moderate pace.
Global Sector PMI: selected sectors
Trevor Balchin | Economics Director, IHS Markit
Tel: +44 149 1461065
trevor.balchin@ihsmarkit.com