“The slowdown in global manufacturing seen over the past few months deepened in September. After having risen to a two-year high of 51.0 in May, the global manufacturing PMI dropped back below the neutral 50 mark separating expansion from contraction in July. In September, the index moved deeper into contraction territory, falling by almost a full point to a 14-month low of 48.8. We have for long warned against too much optimism on the global manufacturing side, given our growth views for the key economies – with a soft landing in the US, only a modest pick-up after a year of stagnation in the eurozone, and growth in China still being weighed down by the property sector downturn. Recent and forthcoming easing measures in the US, China and the eurozone may well bring some upside to the outlook for global industry. However, risks also loom in the form of a potential oil price spike if the Middle East conflict escalates further – a topic we will publish on later today.” Læs hele analysen her.
Morten W. Langer
