The JPMorgan Global Manufacturing PMI came at 49.7 in November, from 48.8 in October, rose to a five-month high and posted only marginally below the neutral 50 mark.
Manufacturing production edged higher in November, halting a four-month period of contraction. Output growth in the US accelerated to a six-month peak, while production in Chinarose for the first time in four months. Expansions were also reported in Brazil, India, Indonesia, Mexico, Russia, Switzerland, Turkey, the UK and Vietnam.
The ongoing downturns in the Eurozone and Japan continued to weigh on the broader global trend, despite their respective rates of contraction easing over the month. Canada, the Czech Republic, Poland, South Korea and Taiwan also saw production decline.
Global manufacturing new orders contracted for the sixth successive month in November, although the rate of decline was only slight and the joint-slowest during that period. This reflected ongoing weakness in many domestic markets and a further reduction in international trade flows.
New export business fell for the eighth month in a row, as growth in China and a stabilization in the US were offset by declines in Europe and Japan.
November saw global manufacturing employment reduced for the fifth consecutive month. Average input price inflation hit a seven-month high in November. The sharpest rates of increase were signalled by the US, India and Turkey. Global manufacturers also reported a preference for leaner inventory holdings, leading to lower pre- and post-production stocks.
David Hensley, director of Global Economics Coordination at JPMorgan, said, ''Global manufacturing appears to be lifting into year’s end. Survey indexes of output, new orders and employment continue to improve, albeit from low levels, while the rate of finished goods inventory accumulation is indicated to be quite low. This pattern typically heralds faster output gains.''