Global Economic News: Manufacturing Expansion Across The World Slows
- The J.P. Morgan global purchasing managers index (PMI) fell to 53.4 in March, down from 54.1 in February. The reading is now at its lowest level since October 2017. Output, new orders, and production all fell.
- The IHS/Markit index for the United Kingdom increased slightly, to 55.1 in March from 55.0 in February, due to a rise in output. The PMI for the Eurozone fell to 56.6 from 58.6. Regarding Eurozone manufacturing, IHS/Markit said, “The further easing in the headline PMI mainly reflected slower growth of manufacturing production and incoming new business, both of which rose to the lowest extents since November 2016.”
- Asian manufacturing readings fell across the board last month. Caixin’s PMI for China Japan’s PMI dropped to 51.0 in March from 51.6 in February as production and total new orders each expanded at the weakest rate in four months. Japan’s reading fell to 53.1 from 54.1 as new business expanded at a softer rate. The Nikkei ASEAN index, which includes Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, declined to 50.1 from 50.7 due to slower output and rates of new orders. South Korea’s PMI fell to 49.1 from 50.3 as production declined at fastest pace since August 2017 and new orders from domestic and overseas clients dropped. Taiwan’s and India’s PMI readings also fell.
- As a reminder, PMI readings for all countries can be found here.