Global economic growth falters in May

Global economic growth stumbled in May, according to PMI data, suggesting the weak start to the year has persisted into Q2. The JPMorgan Global PMI, compiled by Markit from its worldwide surveys, fell from 51.6 in April to 51.1, its second-lowest reading since the end of 2012. Emerging markets once again led the slowdown, with the PMI signalling a return to slight contraction after two months of marginal growth. Developed world growth also remained firmly in the doldrums in May, having slowed to the second-lowest in just over three years.