Global manufacturing production: Losing momentum

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Although data from the euro zone surprised on the upside the recently published Manufacturing PMIs for all major economies hint at a significant moderation in manufacturing production growth.

Sources: ISM; Markit; CFLP.

OECD industrial production growth in the third quarter can be expected to slow to approximately 5% from the blistering pace of 11% in May.

Sources: I-Net; Plexus Asset Management; ISM; Markit; CFLP.

If global manufacturing is anything to go by, GDP growth in the OECD countries is expected to moderate to 3% in the third quarter on a year-ago basis from a four-year high of an estimated 4% plus in the second quarter.

Sources: I-Net; Plexus Asset Management; ISM; Markit; CFLP.

Non-manufacturing and services PMIs due towards the end of this week are likely to provide a better picture of global economic health.

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