Global Economy Shows Renewed Momentum in November


 
The Global Sales Managers Index (SMI) for November rose to 51.7, indicating a modest acceleration in global economic expansion compared to October’s level. The improvement was led by a sharp rebound in Sales Growth to 54.1, the highest reading in over 4 years, alongside the strongest Market Growth Index in eight months. Pricing pressures eased slightly, while staffing levels and profit margins remained subdued. The November data points to resilient global activity entering the final month of 2025, supported by robust demand despite persistent caution around trade and geopolitical risks.



Business Confidence
The Business Confidence Index slipped to 51.7, a four-month low, reflecting ongoing uncertainty over trade tensions and policy outlook heading into 2026. Optimism in China and India markets remains supportive, though US sentiment has fallen.

Market Growth
The Market Growth Index climbed to an eight-month high in November, signalling expanding business opportunities and new order intake across key countries. This forward-looking component reinforces the positive demand signal from the sales index.

Sales Growth
The standout performer in November, the Sales Growth Index surged to 54.1, its strongest level in over four years. This reflects increasing demand strength, particularly in manufacturing and consumer-facing sectors.

Prices Charged
The Prices Charged Index moderated after October’s 53.5 peak, remaining elevated but showing early signs of easing cost pass-through. Input price pressures linked to earlier trade disruptions and commodity fluctuations appear to be stabilising, though inflation risks persist.

Staffing Levels
The Staffing Levels Index edged lower to 49.9, below the 50 no-change mark which separates growth from contraction. Employment growth continues to lag the recovery in sales, highlighting labour-market caution amid margin pressures.

Overall, November’s Global SMI of 51.7 suggests a pickup in global economic momentum, driven by strong sales growth and expanding market opportunities with the strongest demand signals in several years. China and India continue to provide the primary lift, while easing pricing pressures offer some relief. Sustained labour-market weakness and subdued confidence remain the key constraints as the global economy heads toward 2026.

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