Global Services
Global Manufacturing
Global Composite
60
55
50
45
40
Expansionary
Contractionary
Jul '20
Feb '21
Sep '21
Apr '22
Nov '22
Jun '23
Source: FactSet, as of 8/4/2023. JP Morgan Services, Manufacturing and Composite Global Purchasing Managers’ Indexes (PMIs), seasonally adjusted, monthly, 7/31/2020 - 7/31/2023.
Index Level
Strength in services PMIs have been largely offsetting weakness in manufacturing PMIs. As a result, the overall global composite PMI (a "pulse check" for economic resilience) has been above 50–indicating expansion–for most of 2023
![](https://media-s3-us-east-1.ceros.com/fisher-investments-corporate-communications-group/images/2023/09/18/28091e026947fe2089d2e703b88490f0/processed-svg-image.svg)