Tortoise-like global growth, led by the US… and the UK?

Michael Roberts Blog

The latest economic activity indexes for various parts of the world show a pick-up in activity in the major capitalist economies.  These indexes are surveys of purchasing managers in companies, called PMIs.  They are not measures of the actual production or sales but of sentiment of corporations about the economy.   When the index is above 50, that suggests growth in the manufacturing or service sector of that economy.  The October PMIs show a rise in the combined manufacturing and services indexes nearly everywhere, suggesting that economic growth in the major economies is accelerating – with the largest rises in the UK and the US.  Even the Eurozone was up from September.

World PMIs

However, the world PMI, which aggregates all the PMIs, fell in October.  It is still above 50, so the world economy is expanding but at a slower pace than in September.  Why was that if the major economies were…

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