The global manufacturing sector remained in a low growth gear during October, as the ongoing slump in emerging Asian markets continued to offset growth in many of the major developed industrial nations.
At 51.4 in October, up from 50.7 in September, the J.P. Morgan Global Manufacturing PMI - a composite index produced by J.P. Morgan and Markit in association with ISM and IFPSM - moved to a seven-month high, in line with its long-run average.
The developed world once again led the manufacturing upturn, as emerging markets remained in recession for a seventh successive month. The UK moved to the top spot in the PMI growth rankings, as a sharp rise in the UK Manufacturing PMI to a 16-month high indicated a tentative revival following the mid-year slump. Meanwhile, stronger export growth and robust domestic demand helped push the US into joint-second place, alongside Italy, with the PMI reaching a six-month high.
Signs of improvement were also evident in Japan, where growth hit a one-year high. The Eurozone saw a modest acceleration, with expansions registered in almost all of the euro area nations covered by the survey. The exception was Greece, which nonetheless saw a further easing in its rate of contraction.
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