The downturn in the global manufacturing sector moderated in October. The JPMorgan Global Manufacturing PMI™ – a composite index produced by JPMorgan and Markit in association with ISM and IFPSM – rose for the second month running to reach 49.2, its highest reading during the current five-month period of contraction.
The sector continued to report declining volumes of production and new orders, although rates of contraction were slower than in the previous month.
Signs of excess capacity were present in the global manufacturing sector during October. This was highlighted by a further marked reduction in backlogs of work, which fell for the seventeenth successive month and at the joint-fastest rate during that period.
The sector continued to report declining volumes of production and new orders, although rates of contraction were slower than in the previous month.
Signs of excess capacity were present in the global manufacturing sector during October. This was highlighted by a further marked reduction in backlogs of work, which fell for the seventeenth successive month and at the joint-fastest rate during that period.
Hey Amber,
ReplyDeleteI think it's interesting that while JPM Global PMI rose this month, the breadth of that move was very limited. France rebounded from a frankly disastrous report last month for example. China and the US, as big influential components, had good (if fragile) months. But Germany, Japan, Italy and Spain all broke their trends of PMI recovery and ticked downwards for the first time since the summer. I wrote in depth analysis on it here:
http://bigmacropicture.blogspot.co.uk/2012/11/global-economy-november-4th-2012-global.html
Keep up the good work!
Mark A. Rogers