LONDON, Dec 1 (Reuters) - Global manufacturing activity edged lower last month, dragged down by factories in Europe and Asia despite stronger than expected growth in the United States, a report showed on Thursday.
The Global Manufacturing PMI, produced by JPMorgan with research and supply management organisations, fell to 49.6 in November from October’s 49.9.
It is the third month the index has been below the 50 mark that divides growth from contraction, and the lacklustre performance was reflected in the labour market with job creation at its slowest in two years.
“The rate of contraction in output would have been more substantial had it not been for growth in the U.S. accelerating sharply to a seven-month peak,” JPMorgan said in a release. “Outside the U.S., production fell at the steepest pace for over two-and-a-half years.”
The pace of growth in U.S. manufacturing unexpectedly picked up in November to its strongest rate since June, and new orders surged, earlier data showed.
But manufacturing activity contracted across Europe and most of Asia, shrinking even further in the euro zone and reinforcing the view that the debt-strapped region is in recession. British manufacturing also contracted at the fastest pace in two years.
The JP Morgan global index combines survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia.