Global manufacturing sector picked up speed in Oct -PMI

LONDON, Nov 2 (BestGrowthStock) – Global manufacturing activity
accelerated in October for the first time in six months,
supported by new orders in the United States and China, a survey
showed on Tuesday.

The Global Manufacturing PMI, compiled by JP Morgan with
research and supply organisations, rose in October to 53.7 from
52.5 in September — its sixteenth month above the 50 mark that
separates growth from contraction.

“The start of fourth quarter 2010 saw the global
manufacturing sector break its recent decelerating trend,” said
JP Morgan’s David Hensley.

“Although the rates of expansion were below those seen
earlier in the recovery, it suggests that the inventory
correction and the consequent drag on manufacturing output are
beginning to lose intensity.”

Job creation picked up to a faster pace in the global
manufacturing sector from September’s six-month low while input
price inflation reached a five-month high on increased raw
materials cost.

Earlier data showed euro zone manufacturers boosted their
output in October at a faster pace than previously estimated,
but that a gap between member countries remained while Britain’s
sector slowed more than expected last month.

The Institute for Supply Management said on Monday that
growth in the U.S. manufacturing sector quickened unexpectedly
in October and separate surveys showed China’s factories ramped
up their production last month and were buoyed by an influx of
new business.

The indicator, produced by JP Morgan with research and
supply management organisations, combines survey data from
around 20 countries including the United States, Japan, Germany,
France, Britain, China and Russia.

(For a table see [ID:nWLA6898])

(Reporting by Jonathan Cable; Editing by Ruth Pitchford)

Global manufacturing sector picked up speed in Oct -PMI