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Global factory growth steady in January: PMI

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(Globalpost/GlobalPost)

LONDON (Reuters) - Growth in global manufacturing activity was little changed last month from December as the pace of new orders remained near recent elevated levels, a report showed on Monday.

JPMorgan's Global Manufacturing Purchasing Managers' Index dipped to 52.9 in January from 53.0, above the 50 mark that indicates growth for the 14th month. The December number was the highest since May 2011.

"The global manufacturing sector maintained its solid growth momentum at the start of the year, with production and new orders expanding at rates above their respective averages for the current recovery," said David Hensley, a director at JPMorgan.

A sub-index measuring new orders nudged down to 54.3 in January from 54.4 in December.

The main index was boosted by solid growth in Britain and Japan but held back by a weak pace of expansion in the United States and a poor performance in emerging markets such as China, Brazil and Russia.

Factories increased headcount for the sixth month to meet the demand, albeit at a slightly slower pace than in December. The JPMorgan Global PMI uses the U.S. Markit PMI, which was steady in January, for its calculation.

(Reporting by Jonathan Cable; Editing by Toby Chopra)

http://www.globalpost.com/dispatch/news/thomson-reuters/140203/global-factory-growth-steady-january-pmi