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Global manufacturing growth remains soft in November

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Staff writer |
Global manufacturing
Index   J.P.Morgan Global Manufacturing PMI was 51.2

At 51.2 in November, the J.P.Morgan Global Manufacturing PMI, a composite index1 produced by J.P.Morgan and Markit in association with ISM and IFPSM, was broadly unchanged from the five-month high of 51.3 reached in October.

The rate of expansion signalled by the headline PMI remained relatively lacklustre nonetheless, meaning that November continued the subdued run of data for the global manufacturing sector through 2015 so far.

The respective averages for the PMI sub-indices tracking output, new orders and new export orders are all around 1.0-1.5 points below the levels achieved for 2014 as a whole.

November saw growth of new orders slow from October’s recent high and employee numbers continue to rise at a soft pace. The trend in production volumes improved, however, with output growth accelerating to an eight-month peak.

North America and Europe continued to register solid expansions of production in November. Growth in the US remained close to October’s seven-month high, while an acceleration in Mexico more than offset the continued (but slowing) downturn in Canada.

Output growth in the eurozone ticked up to its fastest in one-and-a-half years, with expansions registered in almost all of the euro area nations for which data are collected. The sole exception was Greece, which nonetheless saw the rate of contraction continue to ease sharply from the survey record pace seen in July.

Elsewhere in Europe, growth remained solid in the UK, Poland and the Czech Republic.

With the exception of Japan – where production rose at the quickest pace since March 2014 – Asian economies generally reported lacklustre or decreasing trends in output during November. India partly bucked this trend by recording a slight gain in production, although the rate of expansion was below those seen during its current 25-month sequence of increase.

Output stagnated in China and Vietnam, and declined in Taiwan, South Korea, Indonesia and Malaysia. A marked contraction was also signalled in Brazil.

Manufacturing employment rose only marginally during November. Among the largest industrial nations, staffing levels were raised in the US, Japan, Germany, Taiwan and South Korea, but lowered in China, the UK, France and Brazil.


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