Global Manufacturing PMI dips to 27-month low in September

At 49.9 in September, down from 50.2 in August, the JPMorgan Global Manufacturing PMI (Purchasing Managers Index) posted below the neutral 50.0 mark for the first time since June 2009 (see Ti Dashboard – Manufacturing PMI).

The performance of the global manufacturing sector has weakened noticeably since the start of the year. Over Q3 2011 as a whole, production growth was negligible and down sharply from Q1’s recent peak. Incoming new work, meanwhile, contracted for the first time since Q2 2009.

September saw new orders contract at the fastest pace in 28 months, meaning that manufacturers depleted backlogs of work to the greatest extent in almost two-and-a-half years; just to hold production steady at its August level. International trade flows have also fallen in recent months.

September saw production expand in the US and the UK, following slight reductions in August. China reported a further slight expansion, while growth in India slowed sharply to its weakest in the current two-and-a-half year period of increase. Output declined in the Eurozone, Japan and Brazil.

The level of incoming new work fell for the third consecutive month in September. Among the major industrial nations covered by the survey, new orders declined in the US, the Eurozone, China, and Japan. All of the euro area member states for which data are collected saw a contraction.

New export orders declined for the second successive month in September. Reductions were seen in the Eurozone (steepest since June 2009), Japan (fastest for five months), China, the UK and Brazil (both the most marked since May 2009), India, Russia, Taiwan, Poland and Australia. Within the euro area, all nations reported lower levels of new export business. In contrast, the US saw growth in foreign demand improve from August’s two-year low. Canada, the Czech Republic and Turkey also reported increases.

September saw average input prices rise at the same pace as August’s 13-month low. Cost inflation continued to ease in developed markets, whereas emerging nations saw input prices rise at the fastest pace in four months.

Commenting on the survey, David Hensley, Director of Global Economics Coordination at JPMorgan, said:"The global manufacturing PMI dipped below the no-change mark of 50.0 for the first time since June 2009. The PMI output index has stagnated in recent months as the trend in new orders has switched into reverse gear, exacerbated by declining international trade flows. The signs point to weak growth or possible month-to-month declines in industrial production in the next few months."

Quelle: eyefortransport
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