IHS Markit Global PMI for October marked the month with the fastest rate of business activity in the past 26 months. The improvement in PMI has been contributed by the pace of pandemic recovery and opening up of economies after lifting lockdown measures. The global average COVID-19 Containment Index relaxed from a peak of 64 in April to 32 in September, but has risen to 35 in October, Report analysed.
Economic recoveries among various sectors are remaining uneven, with accelerated growth in manufacturing and services and a downturn of activity observed in dimensions like tourism and transportation. Financial service activity growth marked highest since February 2012 and investigation shows the strongest expansion in automaker sector.
Brazil, India and Germany led upturn in global manufacturing during October. Among the emerging market India which is recognized as a late arrival to the global recovery leading in the growth. The general behaviour of reluctance to add headcounts in firms observed which analyzed as the uncertainty of films in adding extra cost given the context of a resurgence of COVID-19 cases in many courtiers added with the layer of the uncertainty of Brexit.
Among the analyzed countries China made the most remarkable recovery from what lost in pandemic followed by the US." Looking at expected future recovery paths, although 51 per cent of firms globally are still waiting to recover lost output, 8% expect to have regained their prior peaks within 3 months, with a further 11 per cent within 6 months. An additional 10% expect to have recovered within the next year" report underlined.