Global Manufacturing PMI (Jun.)
Business surveys published today suggest that global manufacturing growth ticked up in June. Note, however, that almost all the survey responses were received before the UK’s vote to leave the EU. The global manufacturing PMI edged up from 50.0 to 50.4, but it is still below its three-year average. On past form, it is consistent with GDP growth of around 2.5%, which is low by past standards.