Growth of global manufacturing production steadied at a level close to April's seven-month high in May. Market conditions remained conducive to expansion, as new orders rose at the fastest rate since July 2006. The trend in international trade volumes also underpinned the latest growth of output, as new export orders expanded at a near three-year high.
At 54.1 in May, the Global Manufacturing Purchasing Managers' Index — a composite index produced by JPMorgan and NTC in conjunction with ISM and IFPSM — posted a reading above the neutral mark of 50.0 for the forty-seventh successive month. The PMI indicated that the rate of improvement in world manufacturing operating conditions stabilized, following the recovery in April, with most of the component indexes underlying the PMI showing little-movement over the month.