Global Manufacturing Growing

The current upturn of global manufacturing operating conditions continued during March, with the latest PMI data from around the world pointing to a further broad-based expansion of the manufacturing economy. The Global Manufacturing PMI – a composite index produced by JPMorgan and NTC in association with ISM and IFPMM – registered 56.9, up from 55.8 in February, to suggest a pick up in the rate of growth from the previous month's substantial pace.

The Global Manufacturing PMI is based on responses from approximately 7,000 companies worldwide, operating in countries that account for roughly 76% of total global manufacturing output. PMIs signalled growth in all except one of the nineteen countries for which March data were available. The expansion of the global manufacturing economy was again led by the US, although sharper growth was also recorded in Japan, the Eurozone and the UK. Worldwide manufacturing production increased for the eleventh successive month in March, with the latest data pointing to a further substantial rise in output. The Global Manufacturing Output Index registered 59.4, up from 58.1 in February, to signal a sharper rate of expansion than one month ago. All of the major industrial nations reported marked growth of production during March, with the rate of increase picking up in the US (which recorded the sharpest growth), Japan, the Eurozone and the UK.

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