Global manufacturing index hits three-year low

Much like the US manufacturing index, the global manufacturing index has hit three year lows. The numbers indicate a contraction in global manufacturing activity, with the JPMorgan Global Manufacturing PMI now below 50% at 48.9% for June 2012 from 50.6% in May. This is the lowest level since May 2009.

The decline in the US was particularly marked and unexpected, with 0 of 70 economists predicting a figure below 50%. Estimates of those 70 economists ranged from 53.5 at the high end to only as low as 50.5 on the low end. A few regional manufacturing indices already foreshadowed this bad number, particularly in new orders. Sso it's not clear why economists were so high in their predictions. For example, the Empire State report for New York showed new orders falling to 2.18 from 8.32, The P...


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