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Manufacturing Conditions Stronger in U.S., UK, France, India, China
Dec 21, 2010
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Growth of global manufacturing production, new orders, and new export orders all accelerated in November 2010 and helped push JPMorgan's Global Manufacturing PMI to its highest level since July 2010. The headline PMI, at 53.9, has now remained above the no-change level of 50.0 for 17 consecutive months.

The report said the U.S. PMI signaled robust improvement in manufacturing operating conditions, with the rate of increase only slightly below October's five-month high.

PMIs rose in China (to an eight-month high), Germany (a three-month peak), the UK (highest level since September 1994), France (to a 10-year high) and India (six-month high).

Japan and Brazil PMIs also increased, but, in contrast to the other nations mentioned, remained below the 50.0 no-change mark.

MANUFACTURING PRODUCTION. Manufacturing production has now increased for 1-1/2 years, but the rate of growth was slower in November than October and below the average for the recovery thus far. Strong rates of increase were seen in China, India, France, Germany, and the UK. While growth was solid in the United States, it slowed sharply; the JPMorgan report said this may have been in part a reaction to the five-month growth high in October.

Output fell in Spain, Greece, and Japan, and there was very slight growth in Ireland.

INCOMING NEW ORDERS. Incoming new orders rose for the 17th successive month in November, with the sharpest growth rate acceleration since July 2010.

JOB CREATION. The report said that ongoing recovery led to further job creation in November, with employment growth seen in the United States, the Eurozone, and the UK. Staff levels changed little in China and India; Japan saw its fourth month of decline.

COST PRESSURE. Cost pressures picked up sharply in November, with purchase price inflation accelerating to a six-month peak.

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