Economic Buzz: Global manufacturing PMI hits near four-year high

February saw business conditions in the global manufacturing sector improve to the greatest extent since June 2022, as rates of expansion in output and new orders gathered pace. Business optimism also rose to a 21-month high. The upturn remained uneven, however, with stronger output growth (on average) in Asia and Europe contrasting with a slowdown in North America. The J.P.Morgan Global Manufacturing PMI ? a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ? rose to a 44-month high of 51.9 in February, up from 50.9 in January. The PMI has posted above the neutral 50.0 mark in each of the past seven months. Manufacturing production rose at the quickest pace since December 2021. Output rose across the consumer, intermediate and investment goods sectors, with rates of expansion improving in the latter two (to 55- and six-month highs respectively). Growth held steady at January's 12-month high in the consumer goods category.

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