Monthly PMI Bulletin: December 2025

The following is an extract from S&P Global Market Intelligence's latest Monthly PMI Bulletin. For the full report, please click on the 'Download Full Report' link.

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Global economic expansion continues at robust pace in November

The global economic expansion continued at a robust pace in November, despite softening compared to October. That said, future output expectations and employment growth remained subdued amid elevated economic and political uncertainty.

The J.P.Morgan Global PMI Composite Output Index - produced by S&P Global -posted 52.7 in November, down from 53.0 in October. This indicated another month of solid output growth with the latest reading being the third-strongest in the past 15 months. The PMI is broadly consistent with global GDP growing at an annualized rate of 3.0%, which is close to the average GDP growth rate of 3.1% observed in the decade prior to the pandemic.

The latest expansion in global business activity was again broad-based, with both manufacturers and services providers reporting continued growth in new business and output, albeit at slower rates compared with October.

By sector, growth was driven by another solid expansion in financial services activity, but sectors including healthcare and consumer services also saw improvements that helped to support the upturn and manufacturing continued to expand, albeit at a modest pace.

By region, rates of growth softened for both developed and emerging markets, led by the US and India respectively. That said, developed markets continued to record a solid rise in output as compared to a more modest expansion for emerging markets.

Global selling price inflation remained subdued albeit with the US once again reporting an above average rate of increase. Global inflation was led by services with manufacturing price pressures remaining especially muted.

While global growth remained robust, low business sentiment continued to add doubts to the durability of the expansion. The Future Output Index remained at one lowest levels seen in the past three years.

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Purchasing Managers' Index™ (PMI^®) data are compiled by S&P Global for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.

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