Global Economic Analysis and News of Note: Global Manufacturing Index Holds Steady Near Six-Year High
- The JP Morgan global Purchasing Managers’ Index (PMI) held steady at 53.0 in March, remaining at its highest level in 69 months. The bank said, “The expansion remained broad-based by product type, with PMI readings for the consumer, intermediate and investment goods sectors all signaling further solid growth.”
- The Markit PMI for the Eurozone increased to 56.2 in March from 55.4 in February due in large part to the fact that nations recorded the fastest growth of manufacturing production and new orders since April 2011. The manufacturing reading in Germany was at its highest level in 71 months while Italy’s index was at its highest level in 72 months. France’s index also strengthened. The Markit index for the United Kingdom, meanwhile, fell to 54.2 in March from 54.5 in February due to a decline in output and new order growth.
- Connecting the Dots reported on Asian PMI readings for March in last week’s edition.
- As a reminder, all PMI readings can be found here.