Economic Buzz: Global manufacturing PMI shows mild expansion

The Global Manufacturing PMI, sponsored by J.P. Morgan and compiled by S&P Global Market Intelligence, registered 50.8 in September from 50.9 in August. Although dipping slightly at the end of the third quarter, the past two months have seen the highest back-to-back PMI readings since June 2024 to indicate one of the best spells for the sector since the pandemic. Global production rose for the third time in the past four months, buoyed by a further modest increase in new orders. However, the overall pace of production growth remains relatively lacklustre, and the upturn in demand was insufficient to drive global factory staffing levels higher. Employment consequently dropped marginally in September amid a further fall in global backlogs of work, the latter having now fallen for 39 successive months to indicate the persistence of excess capacity relative to demand.

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