The monthly Purchasing Managers Surveys are priceless when it comes to assessing global economic conditions.
PMI data are based on monthly surveys of carefully selected companies. These provide an advance indication of what is really happening in the private sector economy by tracking variables such as output, new orders, stock levels, employment and prices across the manufacturing, construction, retail and service sectors.
The PMI surveys are based on fact, not opinion, and are among the first indicators of economic conditions published each month. The data are collected using identical methods in all countries so that international comparisons may be made.Per December's surveys, things presently look good (above 50 denotes expansion) virtually the world over (the Eurozone especially):
courtesy of Bespoke Investment Group...
The above -- along with last year's (and the beginning of this year's) world equity market results -- suggests that what we're experiencing is not nearly a U.S.-only phenomenon.