Global all-industry output loses growth momentum amid slowdowns in manufacturing and services

Although the global economy remained in expansion mode during May, a subdued trend in output growth prevailed, with the rate of expansion being among the slowest in over three-and-a-half years. Sector data highlighted intermediate goods as the weakest link in manufacturing, where a renewed slump in production was recorded to suggest that other manufacturers were pulling back on their purchases of components. In services, the overall slowdown was reflective of stagnant activity at consumer-facing service providers.