Customer Logins

Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.

Customer Logins

My Logins

All Customer Logins
S&P Global S&P Global Marketplace
Explore S&P Global

  • S&P Global
  • S&P Dow Jones Indices
  • S&P Global Market Intelligence
  • S&P Global Mobility
  • S&P Global Commodity Insights
  • S&P Global Ratings
  • S&P Global Sustainable1
Close
Discover more about S&P Global’s offerings
Investor Relations
  • Investor Relations Overview
  • Investor Presentations
  • Investor Fact Book
  • News Releases
  • Quarterly Earnings
  • SEC Filings & Reports
  • Executive Committee
  • Corporate Governance
  • Merger Information
  • Stock & Dividends
  • Shareholder Services
  • Contact Investor Relations
Languages
  • English
  • 中文
  • 日本語
  • 한국어
  • Português
  • Español
  • ไทย
About
  • About Us
  • Contact Us
  • Email Subscription Center
  • Media Center
  • Glossary
Product Login
S&P Global S&P Global Market Intelligence Market Intelligence
  • Who We Serve
  • Solutions
  • News & Insights
  • Events
  • Product Login
  • Request Follow Up
  •  
    • Academia
    • Commercial Banking
    • Corporations
     
    • Government & Regulatory Agencies
    • Insurance
    • Investment & Global Banking
     
    • Investment Management
    • Private Equity
    • Professional Services
  • WORKFLOW SOLUTIONS
    • Capital Formation
    • Credit & Risk Solutions
    • Data & Distribution
    • Economics & Country Risk
    • Sustainability
    • Financial Technology
     
    • Issuer & IR Solutions
    • Lending Solutions
    • Post-Trade Processing
    • Private Markets
    • Risk, Compliance, & Reporting
    • Supply Chain
    PRODUCTS
    • S&P Capital IQ Pro
    • S&P Global Marketplace
    • China Credit Analytics
    • Climate Credit Analytics
    • Credit Analytics
    • RatingsDirect ®
    • RatingsXpress ®
    • 451 Research
    See More S&P Global Solutions
     
    • Capital Access
    • Corporate Actions
    • KY3P ®
    • EDM
    • PMI™
    • BD Corporate
    • Bond Pricing
    • ChartIQ
  • CONTENT
    • Latest Headlines
    • Special Features
    • Blog
    • Research
    • Videos
    • Infographics
    • Newsletters
    • Client Case Studies
    PODCASTS
    • The Decisive
    • IR in Focus
    • Masters of Risk
    • MediaTalk
    • Next in Tech
    • The Pipeline: M&A and IPO Insights
    • Private Markets 360°
    • Street Talk
    SEE ALL EPISODES
    SECTOR-SPECIFIC INSIGHTS
    • Differentiated Data
    • Banking & Insurance
    • Energy
    • Maritime, Trade, & Supply Chain
    • Metals & Mining
    • Technology, Media, & Telecoms
    • Investment Research
    • Sector Coverage
    • Consulting & Advisory Services
    More ways we can help
    NEWS & RESEARCH TOPICS
    • Credit & Risk
    • Economics & Country Risk
    • Financial Services
    • Generative AI
    • Maritime & Trade
    • M&A
    • Private Markets
    • Sustainability & Climate
    • Technology
    See More
    • All Events
    • In-Person
    • Webinars
    • Webinar Replays
    Featured Events
    Webinar2024 Trends in Data Visualization & Analytics
    • 10/17/2024
    • Live, Online
    • 11:00 AM - 12:00 PM EDT
    In PersonInteract New York 2024
    • 10/15/2024
    • Center415, 415 5th Avenue, New York, NY
    • 10:00 -17:00 CEST
    In PersonDatacenter and Energy Innovation Summit 2024
    • 10/30/2024
    • Convene Hamilton Square, 600 14th St NW, Washington, DC 20005, US
    • 7:30 AM - 5:00 PM ET
  • PLATFORMS
    • S&P Capital IQ Pro
    • S&P Capital IQ
    • S&P Global China Credit Analytics
    • S&P Global Marketplace
    OTHER PRODUCTS
    • Credit Analytics
    • Panjiva
    • Money Market Directories
     
    • Research Online
    • 451 Research
    • RatingsDirect®
    See All Product Logins
ECONOMICS COMMENTARY Jan 12, 2024

Monthly PMI Bulletin: January 2024

Contributor Image
Jingyi Pan

Economics Associate Director, Operations - IMPG , S&P Global Market Intelligence

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.

Download Full Report

Global growth accelerates amid sector divergences at end of 2023

The global economic expansion accelerated in December, though divergences between sectors and regions were observed. At the same time, inflation remained sticky, staying elevated by historical standards as risks of supply chain constraints emerged.

The J.P.Morgan Global PMI Composite Output Index - produced by S&P Global - rose to 51.0 in December, up from 50.5 in November. This marked a second consecutive month of growth, with the pace of expansion the fastest since July 2023. The headline PMI remains well below the survey's long-run average of 53.2, however, and is consistent with an annualized quarterly global GDP growth of approximately 1.5%, a relatively modest rate of growth in comparison with the pre-pandemic ten-year average of 3.0%. Growth in activity remained exclusive to the service sector, as manufacturing output contracted for a seventh straight month.

Faster service sector growth contrasted with a quicker, albeit still mild, decline in manufacturing output. At the same time, expansions in business activity were driven by emerging markets as developed markets saw a fifth monthly fall in output. The impact of high interest rates remained a key factor dampening growth, though there were some signs of improvement in service sector new business at the end of the year.

Meanwhile, input cost inflation quickened at the end of 2023, though the pace in which selling prices increased was unchanged from November. Both manufacturing and service sectors recorded stronger rates of cost inflation at the end of the year amid signs of rising shipping costs on the back of increased supply chain risks. With selling prices showing some signs of stickiness at around the 3.0% level in the months to come, any risks of further price rises, especially stemming from supply constraints, will be worth watching out for as we await the next release of flash PMI on January 24.

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.

Learn more about PMI data

Request a demo


This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.

Previous Next
Recommended for you

Purchasing Managers Index (PMI)

Investment Manager Index (IMI) Survey

Unlock comprehensive monthly insights into investor sentiment
Sign up participate
Related Posts
VIEW ALL
Economics Commentary May 27, 2025

Flash PMI survey signals subdued developed world growth in May amid tariff uncertainty, as US prices spike higher

Economics Commentary May 23, 2025

Week Ahead Economic Preview: Week of 26 May 2025

Economics Commentary May 22, 2025

US prices spike higher in May as tariff impact hits, but confidence also rebounds

VIEW ALL
{"items" : [ {"name":"share","enabled":true,"desc":"<strong>Share</strong>","mobdesc":"Share","options":[ {"name":"facebook","url":"https://www.facebook.com/sharer.php?u=http%3a%2f%2fprod.azure.ihsmarkit.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fmonthly-pmi-bulletin-january-2024.html","enabled":true},{"name":"twitter","url":"https://twitter.com/intent/tweet?url=http%3a%2f%2fprod.azure.ihsmarkit.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fmonthly-pmi-bulletin-january-2024.html&text=Monthly+PMI+Bulletin%3a+January+2024+%7c+S%26P+Global+","enabled":true},{"name":"linkedin","url":"https://www.linkedin.com/sharing/share-offsite/?url=http%3a%2f%2fprod.azure.ihsmarkit.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fmonthly-pmi-bulletin-january-2024.html","enabled":true},{"name":"email","url":"?subject=Monthly PMI Bulletin: January 2024 | S&P Global &body=http%3a%2f%2fprod.azure.ihsmarkit.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fmonthly-pmi-bulletin-january-2024.html","enabled":true},{"name":"whatsapp","url":"https://api.whatsapp.com/send?text=Monthly+PMI+Bulletin%3a+January+2024+%7c+S%26P+Global+ http%3a%2f%2fprod.azure.ihsmarkit.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fmonthly-pmi-bulletin-january-2024.html","enabled":true}]}, {"name":"rtt","enabled":true,"mobdesc":"Top"} ]}
Filter Sort
  • About S&P Global Market Intelligence
  • Quality Program
  • Email Subscription Center
  • Media Center
  • Our Values
  • Investor Relations
  • Contact Customer Care & Sales
  • Careers
  • Our History
  • News Releases
  • Support by Division
  • Corporate Responsibility
  • Ventures
  • Quarterly Earnings
  • Report an Ethics Concern
  • Leadership
  • Press
  • SEC Filings & Reports
  • Office Locations
  • IOSCO ESG Rating & Data Product Statements
  • © 2025 S&P Global
  • Terms of Use
  • Cookie Notice
  • Privacy Policy
  • Disclosures
  • Do Not Sell My Personal Information