Global Manufacturing Ticks Upward in October

Global manufacturing hit a six-and-a-half year high in October. The JP Morgan Global Manufacturing PMI rose to 53.5 from September’s 53.3. Most components of the PMI rose at faster rates in October. Output and output prices softened slightly during the month. Output charges increased reflecting supply chain constraints and longer vendor lead times.

“The global manufacturing PMI points to continued robust gains in production. The output PMI was little changed at an elevated level, while the index of new orders moved up,” commented David Hensley, Director of Global Economic Coordination at J.P. Morgan. Furthermore, the PMI indicates that output growth remains broad-based across the consumer, intermediate and investment goods sectors.”