Global manufacturing growth near 5-year low

LONDON (Reuters) - Global manufacturing growth fell to its lowest level in nearly five years in February and a pick up is unlikely until the second half of the year, a survey showed on Monday.

The JPMorgan Global Manufacturing PMI fell to 51.1 in February from 52.3 in January, its lowest level since July 2003, but still comfortably above the 50 mark that separates growth from contraction.

"Growth of the manufacturing sector was noticeably weaker in February ... Conditions are likely to remain subdued through H1 2008 at least," David Hensley, director of global economics coordination at JPMorgan said.

The ISM U.S. PMI fell below the 50 mark for the second time in three months during February, while the eurozone PMI was dragged down by a sharp decline in Spain. Japan and China both reported lower levels from January.

The mew orders index fell to 51.4 from 52.4, its weakest since June 2003, with only China and India recording robust, and above global average, growth.

The global input price index dipped to 70.9 from January's higher 71.2 as steep oil, energy and metals costs continued to weigh.

The index combines survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia.