Expansion of Global Manufacturing Production at Weakest Since July 2003, as Contractions in the US and Japan Offset Robust Growth in China and India.

October PMI data pointed to the weakest growth of global manufacturing output for fifty-one months, following a further slowdown in the rate of expansion of incoming new orders.

The JPMorgan Global Manufacturing PMI — a composite indicator designed to provide a single-figure snapshot of operating conditions in the global manufacturing sector — fell to 51.9 in October, down from a revised* figure of 52.6 in September, its lowest level since May 2005. * Please note that some index readings published for September have been revised due to the inclusion of previously unavailable data for China and Australia.