At 50.0 in July, the JPMorgan Global Manufacturing PMI indicated that operating conditions stabilized following a sustained period of weakness. PMIs remained above 50.0 in China, India and Turkey and rose back above this level in Japan and the UK for the first time in 17 and 16 months respectively.
The Global Manufacturing Output Index rose to an 18-month high in July. The index has recovered strongly since hitting a record low in December last year. At a twenty-month high of 53.3, the Global Manufacturing New Orders Index pointed to an increase in new work received for the first time since March 2008. International trade volumes rose slightly in July, following ten months of sustained decline.