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ECONOMIC REPORT

Global Manufacturing Update

Real Exports of Durable and Nondurable Goods, 2010–2016 (Billions of Chained 2009 Dollars, Seasonally Adjusted) $1,000 $950 $900

BY CHAD MOUTRAY, Ph.D., CBE, Chief Economist, National Association of Manufacturers

$850 $800 $750

June 2016 – Global manufacturing activity stagnated in May, pulled lower by continued weaknesses in the emerging markets and by softer-than-desired economic growth in the United States. The J.P. Morgan Global Manufacturing PMI edged down from 50.1 in April to 50.0 in May, its neutral point. Overall, this suggests that manufacturers continue to face significant headwinds to growth despite recent signs of progress. Exports and employment continued to contract in May, with new orders and output expanding ever so slightly. As noted in prior press releases, U.S. manufacturing performance accounted for one-quarter of the

$700 $650 $600 $550 $500 $450 $400 $350 2010

2011

2012 Durable Goods

2013

2014

2015

2016

Nondurable Goods

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