The global manufacturing sector steadied in November following four months of contraction, according to the latest J.P. Morgan Global Manufacturing PMI.
The index rose to 50.0, up from 49.4 in October, indicating no change in overall operating conditions. However, performance varied significantly by region.
Mainland China led the improvement with a five-month high PMI of 51.5, supported by a rebound across Asia, where the average PMI reached 51.1.
In contrast, the eurozone reported worsening conditions, with its PMI sinking to 45.2. The United States edged closer to stability, posting a five-month high of 49.7.
Three of the five PMI sub-indices pointed to expansion, with output and new orders showing modest growth, while supplier lead times lengthened.
Manufacturing production rose for the second consecutive month, marking its strongest expansion since June, though still mild.
Growth was driven by consumer and intermediate goods producers, which offset declines in the investment goods sector.
Improved production levels were linked to stabilising new orders and a reduction in backlogged work.
November also marked the first uptick in new business volumes in five months, albeit marginal.
International trade flows remained subdued, with new export orders contracting for the sixth straight month.
Notably, only eight countries reported export growth, led by India and Spain, followed by Taiwan, South Korea, and Russia.
Mainland China also reported improved export demand, contrasting with continued declines in the US and Japan.
European economies dominated the lower end of the export rankings, with France experiencing the steepest drop.
Manufacturing employment fell for the fourth consecutive month, with notable declines in the eurozone, China, Japan, and the UK. Conversely, the US, India, and Brazil bucked the trend, reporting job gains.
Purchasing activity increased for the first time since June, though inventory levels of finished goods and raw materials continued to fall.
Business confidence reached a six-month high, buoyed by optimism across all manufacturing sectors, including consumer, intermediate, and investment goods industries.
Price pressures ticked up in November, with input costs and selling prices registering mild increases.
Supply chain challenges persisted, as vendor lead times extended for the sixth consecutive month.
