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Global PMI fra Markit:

The global manufacturing sector continued to expand at a modest, yet steady, pace during March. At 51.8, little-changed from 51.9 in February, the J.P.Morgan Global Manufacturing PMI™ – a composite index1 produced by JPMorgan and Markit in association with ISM and IFPSM – signalled an improvement for the twenty-eighth month running. The US PMI rose to a five-month high in March, supported by quickening rates of expansion in both production and new orders. Solid improvements in business conditions were also highlighted for Ireland, the Czech Republic, the UK and Spain. March also saw growth accelerate in the euro area, with the eurozone PMI climbing to a ten-month high of 52.2, above the global average for the first time since April 2014. Expansions in Germany, Italy, Spain, the Netherlands and Ireland offset contractions in France, Austria and Greece. The performance of Asian manufacturers was more subdued in March. PMI readings were below the 50.0 no-change mark in China, South Korea and Indonesia. The rates of improvement signalled by the PMI indices in Japan, Taiwan and Vietnam were weak and slower than in the prior month. Manufacturing production increased again in March, continuing a trend observed since December 2012. Although the rate of growth only edged slightly higher, it was nonetheless the quickest pace signalled since August of last year. Underpinning the latest increase in production were further gains in both total new business and new export orders. Manufacturing employment rose for the twentieth successive month in March. However, the rate of jobs growth remained only mild and was the weakest registered for seven months. Among the largest nations covered by the survey, staffing levels rose in the US, the eurozone and the UK, but fell in China and Japan. Commenting on the survey, David Hensley, Director of Global Economics Coordination at J.P.Morgan, said: “The March PMI surveys suggest that the global manufacturing sector continued to make steady progress, with rates of expansion in output and new orders staying close to the solid rates seen in recent months. The decline in the finished goods inventory index also is a positive sign. With official data showing that global IP growth weakened during 1Q, the resilience of the global PMI offers hope for a quick bounce back in production gains in 2Q.” 30 35 40 45 50 55 60 DI, sa JPMorgan Global Manufacturing PMI 2007 2008 2009 2010 2010 2012 2013 2014 2015 Global Manufacturing PMI™ Summary 50 = no change on prior month. Index Feb. Mar. +/– Summary Global PMI 51.9 51.8 – Expanding, slower rate Output 53.2 53.4 + Expanding, faster rate New Orders 52.3 52.2 – Expanding, slower rate New Exports 50.9 50.8 – Expanding, slower rate Employment 51.0 50.7 – Increasing, slower rate Input Prices 48.7 49.9 + Declining, slower rate Output Prices 49.6 49.7 + Falling, slower rate Average input costs declined slightly in March, following slightly sharper decreases in each of the prior two months. A similar trend was seen in selling prices, which also showed a further mild decline. March saw further declines in inventory holdings, as both stocks of finished goods and purchases fell. The latter were depleted despite a further increase in input buying activity, the twenty-second in as many months.