Worldwide manufacturing business conditions deteriorated for a second successive month in May, according to the latest PMI survey data, but with some marked variations in performance. Canada and Mexico reported the steepest output declines amid disruptions caused by US tariffs, with production and exports also falling solidly in mainland China. In contrast, eurozone producers reported a further increase in output. The Global Manufacturing PMI, sponsored by J.P. Morgan and compiled by S&P Global Market Intelligence, fell from 49.8 in April to 49.6 in May, dropping further below the 50 'no change' level to indicate a worsening of overall business conditions for a second successive month. Although the overall rate of deterioration remained only very modest, there were marked variations in performance amongst the major economies, notably in relation to the impact of tariffs. The PMI's Output Index, which measures monthly changes in factory production volumes, signaled the first decline recorded since December. The rate of reduction was the joint-fastest in 19 months, after having expanded at the quickest pace for eight months in February.
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