Global manufacturing activity in October increased at its fastest pace in 29 months, according to JPMorgan’s Global Manufacturing Purchasing Managers’ Index.
Reuters reports that the PMI for October came in at 52.1, which was an increase over the September figure of 51.8. The result, which was the highest since May 2011, indicates that the sector has now grown for 11 consecutive months.
A figure above 50 represents growth in the sector, while a figure less than 50 represents contraction.
The result reflects a large increase in new orders for August which, in turn, led to factories employing more workers.
Commenting on the result, David Hensley, a director at JPMorgan said, “Growth should be maintained heading to year-end as domestic markets are gaining strength in a number of key industrial nations, while the trend in global trade remains supportive.”
The Australian PMI also recorded a result of 53.2 for October. This was the second month of growth and was an improvement on the figure for September.
In Australia, the food, beverages and tobacco sub-sector led the way, with a result of 65.6. It was the best result for that sector since March 2012.
And China’s official PMI for October was 51.4, a slight increase over September’s figure of 51.1. This was the highest result for that country in seven months.