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Global Manufacturing PMI ™

J.P.Morgan - IHS Markit

  Última actualización  
  10 Nov 2022  
  Global manufacturing production falls again as new orders contract at quickest pace in 28 months  

Key findings

  • Global Manufacturing PMI at 49.4 in October
  • Downturn in output centred on intermediate goods sector
  • Business optimism drops to near two-and-a-half year low

The October PMI surveys signalled a third successive monthly contraction in global manufacturing production. The latest decline in output was driven by weaker intakes of new business, deteriorating international trade flows and lower business confidence.

The J.P.Morgan Global Manufacturing PMI™ – a composite index produced by J.P.Morgan and S&P Global in association with ISM and IFPSM – fell to a 28-month low of 49.4 in October and remained below the neutral 50.0 mark for the second successive month.

Two of the five PMI components – new orders and output – had greater negative effects on its level. Although indices tracking trends in employment and supplier lead times had a positive influence overall, these were to lesser extents than in the prior survey month.

Output data broken down by sector indicated that the downturn was concentrated in the intermediate goods category. Excluding the early months of the global pandemic, the latest contraction in intermediate goods production was the steepest in close to 11 years. In contrast, output rose in both the consumer and investment goods sub-industries.

China, the euro area and Japan were among the larger manufacturing economies to see output contract during October. Although production rose in the US, the rate of expansion was again only slight.

The outlook for production also deteriorated in October. Manufacturing business optimism about the year ahead and the cyclically sensitive new orders-to-finished goods inventory ratio both dropped to near two-and-a-half year lows. Positive sentiment weakened in the US and the UK, but improved in China and Japan. Eurozone manufacturers forecast that their output would contract (on average) over the coming year.

The level of incoming new work contracted for the fourth successive month, with the rate of decline accelerating to a 28-month record. 25 out of the 32 nations for which October data were available saw decreases, including China, the US, Japan and the UK. New business also fell (on average) in the euro area.

October saw international trade volumes contract for the eighth successive month. The rate of decline remained solid, albeit slightly weaker than September's 27-month record. Lower levels of new export business were registered across the consumer, intermediate and investment goods industries.

Global manufacturing employment continued to edge higher in October, despite the downturns in both output and new orders. However, the rate of job creation was among the weakest during the current two-year sequence of expansion. Higher staffing levels in the US, the euro area and Japan were partly offset by cuts in China and the UK.

Price inflationary pressures remained elevated at the start of the fourth quarter. Rates of increase in input costs and output charges both remained above their respective survey averages, despite easing slightly over the month.



  País/Area Índice Fuente Enlace  
  Global J.P.Morgan Global Manufacturing PMI ™ IHS Markit  

Last updated: Jun 19, 2018


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Última actualización 10 Nov 2022
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   Fuente: S&P Global Spain Manufacturing PMI ®  -  IHS Markit


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