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Global factory growth rate at near three-year high in Feb-PMIs
March 3, 2014 / 4:40 PM / 4 years ago

Global factory growth rate at near three-year high in Feb-PMIs

LONDON, March 3 (Reuters) - Global manufacturing growth accelerated at the fastest pace in nearly three years last month as the developed world outshone emerging markets, a business survey showed on Monday.

JPMorgan’s Global Manufacturing Purchasing Managers’ Index (PMI) rose to 53.3 in February from 53.0, above the 50 mark that indicates growth for the 15th month.

The U.S. PMI shot up, the euro zone’s remained strong, and upturns in Japan and Britain remained robust.

In contrast, PMIs for China, South Korea and Russia signaled contraction, while rates of growth in India, Brazil, Vietnam and Indonesia were all below the global average.

“Excluding the U.S., the global PMI is trending lower. The March reading should give a clearer signal of underlying momentum,” said David Hensley, a director at JPMorgan.

New orders picked up at the fastest pace in three years, suggesting the March PMI could be higher.

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