December 3, 2012 / 4:33 PM / 8 years ago

Global manufacturing slump eases in November: PMIs

Ford Assembly workers install a battery onto the chassis of a Ford Focus Electric vehicle at the Michigan Assembly Plant in Wayne, Michigan November 7, 2012. REUTERS/Rebecca Cook

LONDON (Reuters) - The global manufacturing sector’s slump eased in November as output rose for the first time in five months, a business survey showed on Monday.

JPMorgan’s Global Manufacturing PMI, published in conjunction with financial data company Markit, rose to 49.7 in November from 48.8 in October.

November was its best reading since June but still slightly below the 50 mark that divides growth from contraction.

The October reading was revised from 49.2 published last month because the survey methodology now uses Markit’s own PMI for U.S. manufacturing, rather than the ISM survey, which is now only used for the data before February 2010.

“Global manufacturing appears to be lifting into the year’s end,” said David Hensley, director of global economics coordination at JPMorgan.

“Survey indexes of output, new orders and employment continue to improve, albeit from low levels, while the rate of finished goods inventory accumulation is indicated to be quite low.”

Chinese manufacturing output grew last month for the first time in more than a year but a surprise contraction in U.S. factory activity tempered optimism about the health of the world economy, according to the PMIs by country on Monday.

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