Economic Buzz: Global manufacturing PMI eases from 44-month high, remains above neutral mark for eight successive months

The outbreak of war in the Middle East tested the resilience of the global manufacturing sector at the end of the opening quarter of 2026. Growth of output and new orders slowed as global trade flows near-stagnated, while input costs surged and supply chains became increasingly stretched.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 ? posted 51.3 in March, down from February's 44-month high of 51.8, but still the second-highest reading since June 2022. The PMI has remained above its neutral 50.0 mark for eight successive months. Three of the PMI components - new orders, output and suppliers' delivery times - remained at levels normally consistent with an improvement in operating conditions, while employment and stocks of purchases were neutral. Growth of manufacturing production eased to a three-month low in March. Output growth slowed across the consumer, intermediate and investment goods sub-sectors.

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