Diverging Global Economic Trends Close 2024

Robust U.S. growth contrasts with UK job cuts, Eurozone stagnation, and mixed manufacturing performance worldwide.

The U.S. economy is experiencing its fastest growth in nearly three years, driven by strong service sector expansion and rising consumer and business confidence.
UK businesses are cutting jobs at the fastest rate since 2021 following tax increases in the Labour government’s budget, with private sector growth stalling at 50.5 PMI.
Eurozone business activity remains in contraction territory, though the services sector shows signs of recovery, while manufacturing continues to struggle.
India's economy ends the year with strong momentum, as private sector growth hits a four-month high and employment reaches record levels.
Japan's services sector expands slightly, but manufacturing contracts for the sixth consecutive month, highlighting ongoing global manufacturing challenges.