Global manufacturing stuck in “low gear”

The latest JP Morgan Global Manufacturing Purchasing Managers Index has found growth in the factories of the world coming to a halt.

Reuters reports that the PMI for May came in with a result of 50.0, down from April’s 50.1.

Any result over 50 indicates growth. 50.0 indicates neither growth or contraction.

“Indices for output, new orders and the headline PMI were all at, or barely above, the stagnation mark,” said David Hensley, director of global economic coordination at JP Morgan, according to Business Insider.

“The move up in the finished goods inventory index suggests manufacturers are still working to realign stocks with demand.”

The survey takes into account responses from 10,000 companies in 30 countries.

Factors given for low levels of confidence include concerns around China’s growth, the possibility of Britain leaving the European Union, and the chance of a US Federal Reserve rate rise in coming months.