JPMorgan Global Manufacturing PMI has posted its highest reading since July 2006.
By Ian Armitage and Ellie Duncan
At 54.4 in October, the PMI has remained above the neutral 50.0 mark for four successive months.
According to the survey, we have “substantial gains in output and new orders” to thanks for the latest rise in PMI.
“The labour market also moved closer to a stabilisation level, with the rate of job losses only marginal and the slowest since July last year,” the survey added.
The results are certainly impressive. The Global Manufacturing Output Index rose to 58.4 in October, its highest reading since July 2004, while new orders rose for the fourth month running (the Global Manufacturing New Orders Index posted 56.9, broadly unchanged from 57.0 in September).
The survey also showed that manufacturing output rose at the fastest pace in 63 months in the U.S. Japan reported a further marked increase in production, as did China, the UK (as reported on Manufacturing Digital), France and India.
The highest index reading was registered by Taiwan.
The only negative is that it seems there were job losses for the 19th month in a row.
Commenting on the survey, David Hensley, Director of Global Economics Coordination at JPMorgan, said: "October saw the global PMI resume its upward trend, following a pause in September, to reach a 39-month high. Gains in production were especially robust, with global IP now rising at a rate of over 12 percent saar. New orders increased at a solid clip and the labour market neared stabilisation, both positive indications."
SOURCE: http://www.ism.ws/
Edited by Chris Farnell
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