Global factory growth remained weak at start of 2016: PMI

LONDON (Reuters) - Global manufacturing expansion accelerated slightly but remained weak at the start of 2016 as faster growth in developed markets failed to offset a contraction in emerging economies, a survey showed on Monday.

JPMorgan’s Global Manufacturing Purchasing Managers’ Index (PMI), produced with Markit, came in at 50.9 last month, just above December’s 50.7. The index has been above the 50 mark that separates growth from contraction since late 2012.

“The January PMI data signal that the upturn in global manufacturing remained lackluster at the start of 2016,” said David Hensley, director of global economic coordination at JPMorgan.

Further discounting by factories did however prompt a small improvement in order books. The new orders sub-index rose to 51.4 from 50.8.

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

Reporting by Jonathan Cable; Editing by Catherine Evans