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Global manufacturing growth remained modest in April

News Release- Produced by JPMorgan and Markit in association with ISM and IFPSM

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At 51.4 in April, up from 51.1 in March, the JPMorgan Global Manufacturing PMI™ signaled a modest expansion of the world manufacturing sector for the fifth month in a row. Output, new orders and employment all continued to rise during the latest survey period.

There remained a marked divergence between the world’s two largest industrial regions, the US and the Eurozone. The US remained one of the principal spurs of global manufacturing growth in April, with the US PMI rising to a ten-month high. Rounding off a relatively positive start to Q2 2012 in North America, the Canada PMI also rose to its highest level in the year-to-date.

In contrast, the Eurozone PMI posted its lowest reading in almost three years, as operating conditions deteriorated across the big-five economies (Germany, France, Italy, Spain and the Netherlands) and Greece. The US PMI is currently 8.9 points above its Eurozone equivalent, the greatest divergence in favour of the US since Eurozone data were first compiled in June 1997.

Asia PMIs signalled solid growth in India and modest expansions in Japan, Taiwan and South Korea. Conditions remained subdued in China.

Global manufacturing production expanded for the fifth consecutive month and at the fastest pace since June 2011. Underpinning the latest rise in output were further increases in total new orders and new export business.

April saw manufacturing employment increase for the twenty-ninth successive month. Among the major industrial regions covered by the survey, jobs growth hit a ten-month high in the US, while further increases were signalled in the UK, Russia, Canada, South Korea, India and Taiwan. Staffing levels declined in China, Japan and Brazil.

Cost inflationary pressures eased in April, with the rate of increase in average input prices the slowest for three months. The European Union and Asia reported slower increases in purchasing costs, whereas North America saw input prices continue to rise at well above global average pace.

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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