Global manufacturing stagnates

Industry barometer- the JPMorgan Global Manufacturing PMI- hit 49.9 in September- below the 50 mark indicative of growth. The setback comes despite UK manufacturing rallying to a national PMI of 53. Worldwide data showed new orders contracting at their fastest ppoace for two and a half years The drop off hit Europe, Japan, and China. International trade flows had also declined, the data revealed. China reported slight overall growth in manufacturing while growth in India fell to its weakest level since 2009. New export orders declined again with all nations in the Euro area reporting lower levels of new business. The US bucked the trend with growth in foreign demand on the up. David Hensley, director of global economics coordination at JPMorgan, said: "The PMI output index has stagnated in recent months as the trend in new orders has switched into reverse gear, exacerbated by declining international trade flows. The signs point to weak growth or possible month-to-month declines in industrial production in the next few months."