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Growth of global manufacturing production, new orders, and new export orders all accelerated in October according to the latest JPMorgan Global Manufacturing PMI report.
The expansion rates of in global manufacturing output and new orders accelerated for the first time in six months in October. At 53.7, up from September's 14-month low, the JPMorgan Global Manufacturing PMI posted a reading consistent with a solid improvement in overall operating conditions. However, the headline PMI and the indices for output and new orders remained below their respective post-recession averages.
Manufacturing production increased for the 17 consecutive month in October, at a rate of expansion the fastest since June. Growth accelerated sharply in the U.S., to a five-month high, and China, hitting a nine-month high. Rates of increase also accelerated in the Eurozone, the UK, India, Turkey, Poland, and Denmark. Japan, however, fell back into contraction as output decreased for the first time since May 2009. Production also declined in Australia, Brazil, Taiwan, and South Korea.
New orders rose for the sixteenth month in a row in October. Growth picked up strongly in the United States and China; growth accelerated to lesser extents in the Eurozone, the UK, and India. New orders to Japanese manufacturers, however, contracted sharply.
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