Monthly PMI Bulletin: November 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 growth acceleration accompanied by falling confidence

The global economic expansion continued at the start of the final quarter of the year, with growth accelerating across both manufacturing and services. However, while inflationary pressures eased. Trade conditions and business confidence both deteriorated.

The J.P.Morgan Global PMI Composite Output Index - produced by S&P Global -posted 52.9 in October, down from 52.5 in September. The latest reading was the joint-highest in nearly one-and-a-half years. At its current level, the PMI is broadly consistent with global GDP growing at an annualized rate of 3.0%, which is slightly higher than the 2.8% signalled for the third quarter. Moreover, the indicated growth rate of 3.0% was close to the average GDP growth rate of 3.1% observed in the decade prior to the pandemic, signalling a return to trend growth.

Services continued to lead the upturn with the fastest expansion of activity in three months. On the other hand, manufacturing output rose only modestly, though the past three months have seen the highest average growth rate since the middle of last year.

Then upturn was accompanied by an easing of price pressures globally, with average selling prices for goods and services rising at the slowest rate since April. Global input cost inflation also edged down to the lowest seen so far this year.

However, while October's expansion in global economic activity was driven by higher demand, order book growth was subdued by a deepening downturn in new export orders, reflecting a deterioration of trade in both services and goods.

Finally, business sentiment data added doubts to the durability of ongoing growth with the Future Output Index falling to one of the lowest levels seen in the past three years, signalling reduced global optimism regarding growth in the year ahead.

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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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