Global Manufacturing Edges Lower in February

Global manufacturing growth hit a 32-month low in February. The J.P. Morgan Global Manufacturing PMI dipped to 50.6 from 50.8 the previous month. Operating conditions expanded in the consumer and investment goods sector but deteriorated in the intermediate goods sector, said J.P. Morgan and IHS Markit. International trade was blunted as new export orders fell for the sixth consecutive month.

Commenting on the survey, David Hensley, Director of Global Economic Coordination at J.P. Morgan, said: “The rates of expansion in global manufacturing output and orders held broadly steady in February. Slower growth in the U.S. and contractions in Japan and the euro area were offset by a stabilization in China. The outlook remains lackluster, as stagnant new order growth, declining international trade volumes and weak business confidence rein in the prospects of output growth staging a meaningful revival in the coming months.”