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Global manufacturing growth remained lacklustre in June

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Staff writer |
Global manufacturing
Global economy   J.P.Morgan Global Manufacturing PMI

The global manufacturing sector continued to hover around the point of stagnation in June, providing a subdued end to what was already a lacklustre first half of the year.

At 50.4, the J.P.Morgan Global Manufacturing PMI – a composite index produced by J.P.Morgan and Markit in association with ISM and IFPSM – was only marginally above May’s 50.0.

Only a handful of nations registered a solid improvement in operating performance during June, all of which were in the euro area (Germany, Italy, Austria and Ireland).

The US, the UK, Spain, the Netherlands, Russia, Mexico, India, Taiwan, South Korea, Indonesia and Vietnam were the other larger manufacturing nations to record growth.

However, it should be noted that around 99% of survey responses for UK manufacturing were received before the EU referendum result was announced on June 24th.

The two largest Asian manufacturing nations – China and Japan – both reported contractions in June. Operating conditions also deteriorated in France, Brazil, Malaysia and Turkey.

Global manufacturing production rose only marginally during June. Moreover, the average pace of expansion over the second quarter as a whole was the weakest since the final quarter of 2012.

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