Manufacturing output increases for the first time in five months
The JP Morgan global manufacturing PMI (Purchasing Managers Index) saw a marginal increase in December to 50.8, from 49.7 in November.
Manufacturing PMI measures the level of output of a country’s manufacturing sector (see Ti Dashboard – Manufacturing PMI). An index value of above 50 indicates an expansion in the manufacturing sector, while an index value of below 50 indicates a contraction in the sector.
December saw manufacturing output increase for the first time in five months, as levels of incoming new orders held steady following a four-month sequence of contraction. For example, in the US, manufacturing production increased 3.3% compared with November.
International trade also showed signs of stabilisation. New export orders fell for the fifth month running, but only marginally and to the weakest extent during that period. Subsequently, with overall demand still relatively subdued, manufacturers depleted backlogs of work further to sustain production volumes.
Commenting on the survey, David Hensley, Director of Global Economics Coordination at JPMorgan, said: "December saw output and new orders recover some of the ground lost in prior months, and jobs growth pick up to a five-month high. However, the sector is still tracking well below its long-run trend. Ongoing weakness in the Eurozone and Asia remain a drag on activity with inventory adjustments still ongoing."
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