Summary

• The J.P. Morgan Global Composite PMI Output Index rose from 51.0 in March to 51.8 in April.
• Supply fears reflected a lengthening of supplier delivery times in April to the greatest extent seen since August 2022, during the pandemic.
• Having fallen in March to their lowest since October 2022, output expectations for the year ahead were unchanged in April, holding steady in both manufacturing and services.

April’s PMI surveys produced by S&P Global indicated an upturn in the rate of worldwide economic growth after the pace had slumped in March following the outbreak of war in the Middle East. However, the expansion remained

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