Global factory activity hits 27-month high
London, October 1, 2013
Global manufacturing activity grew at its fastest pace in 27 months in September but factories failed to take on new staff to match the upturn, a business survey showed on Tuesday.
JPMorgan's Global Manufacturing Purchasing Managers' Index rose to 51.8 in September from August's 51.6, its highest since June 2011 and holding above the 50 mark that divides growth from contraction for the ninth month.
But an employment sub-index dipped to 50.3 from 50.5, suggesting firms barely increased staffing.
Growth tended to be centred on the developed world, JPMorgan said, and earlier data showed euro zone factory activity grew for the third month running in September, although the growth rate eased, as it did in Britain.
The US manufacturing sector expanded last month at its fastest pace in almost 2-1/2 years.-Reuters