Global manufacturing PMI sags as new orders growth slows

LONDON, Sept 1 (BestGrowthStock) – Global manufacturing activity
expanded at a slower pace in August than in the previous month,
reflecting slower growth of new orders and a waning boost from
inventory building, a survey showed on Wednesday.

The Global Manufacturing PMI, compiled by JPMorgan with
research and supply organisations, fell in August to 53.8 from
54.3 in June — its lowest since November but marking its
fifteenth month above the 50 mark that separates growth from
contraction.

“August PMI data suggest that the manufacturing recovery
slowed further from the boom rates seen earlier in 2010,” said
the bank’s David Hensley. “While conditions will continue to
cool as the year progresses, there looks to be sufficient
traction remaining to sustain the recovery.”

Manufacturing employment increased for the eighth successive
month in August, with the rate of jobs growth accelerating to
its fastest since May.

Staffing levels rose at the quickest pace in the U.S., were
jobs growth hit its highest since December 1983 and employment
also rose in the euro zone, China and the UK, but fell in Japan.

Earlier survey data showed surging domestic demand helped
manufacturing growth in China and Russia pick up speed in August
but conversely there was a slowing recovery in European
factories.

The Institute for Supply Management’s U.S. manufacturing
PMI, released earlier on Wednesday, showed activity in U.S.
factories grew more quickly than expected in August.

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

(For a table see [ID:nLDE6801PW])

(Reporting by Jonathan Cable; editing by Patrick Graham)

Global manufacturing PMI sags as new orders growth slows