GMI is a composite measure of trading conditions, marketing budgets and staffing levels. The index score for marketing budgets was broadly flat this month, at 55.7, with improvements in index scores in the Americas and Europe being cancelled out by a decline in Asia Pacific. Staffing levels index score was also down globally, by 1.2 points to 56.8.

However, the index score for trading conditions was 61.4, up 0.3 points on April’s figure. Europe saw the greatest rise in index value, up 3.4 points to 62.3 – a record for the region. Scores for Asia Pacific and the Americas were down, however the index for both regions remained above 60 (where any score above 50 indicates generally improving conditions).

Overall, the headline GMI figure was 58 – down 0.3 points on last month.

Suzy Young, data and journals director at Warc, said: ”May data show that the outlook for global marketers remains broadly in line with recent months, with confidence high in all regions. Conditions are now considerably less volatile than this time last year, which is encouraging for both the industry and the global economy.”