The HSBC/SABB Emerging Markets Index (EMI), a monthly indicator derived from the PMI™ surveys, sank to 50.6 in June, indicating only a marginal increase in output across global emerging markets. The latest figure was the lowest in over four years, and signalled the weakest increase in output over the current growth sequence which began in May 2009.
Among the largest emerging economies, output stagnated in China, registering a marginal fall for the first time since August 2012. This mainly reflected lower manufacturing production, as services activity registered another mild increase. Meanwhile output stagnated in Russia, while India and Brazil both posted weak rates of growth.
The volume of new business in global emerging markets was little-changed from one month previously, weighed down by a fall in manufacturing new orders.
Moreover, in line with the trend shown throughout the second quarter, the HSBC/SABB Emerging Markets Index indicated that the rate of employment growth in emerging markets was marginal in June.
Average input prices paid by private sector firms in emerging markets rose at a slightly faster rate in June, albeit one that was still the second-lowest in the current four-year period of rising prices.
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