Global manufacturing PMI hits highest since May ’04

LONDON, May 4 (BestGrowthStock) – Global manufacturing expanded at
its fastest pace since May 2004 in April as output and new
orders surged to new multi-year highs, a survey showed on
Tuesday.

The Global Manufacturing PMI, produced by JPMorgan with
research and supply management organisations, rose to 57.8 in
April from 56.8 in March, the tenth month it has kept above the
50 mark that divides contraction from growth.

“The global manufacturing sector got off to a robust start
to Q2, with rates of growth in production and new orders amongst
the highest in the survey history,” said David Hensley at
JPMorgan.

The survey compilers said the outlook was positive in the
months ahead, with the orders-to-inventory ratio rising sharply
— suggesting that manufacturers will need to ramp up production
further to meet demand.

On Monday, the Institute for Supply Management said its
index of U.S. factory activity hit a nearly six-year high and a
rate above expectations.

Britain’s Markit/CIPS manufacturing PMI report showed the
strongest rate of growth in factory activity since 1994. A
separate euro zone survey this week showed output growth
accelerated to its fastest pace since June 2000.

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(Reporting by Andy Bruce; Editing by Ian Jones)

Global manufacturing PMI hits highest since May ’04