Global Manufacturing Rises to 55-Month High

In September, growth in global manufacturing activity strengthened from August, rising from 52.3 to 53.0, a 55-month high. Output and new orders both improved at a faster pace than the prior month, with growth reaching 62-month and 55-month highs, respectively. Meanwhile, lead times lengthened as new export orders increased at the quickest rate in over five years. Employment expanded for the third consecutive month, and stocks of purchases grew.

Thailand, Ireland, India and Taiwan had the highest PMI readings in September. On the other hand, Brazil, Mexico and Russia were some of the larger nations to register declines in activity. The growth in manufacturing production occurred across consumer, intermediate and investment goods, with rates of growth in output and new orders strengthening in each sub-industry. 

Input and output price growth accelerated in September amid supply disruptions and higher transport and energy costs. Nonetheless, businesses remained optimistic about their outlook, anticipating output to expand further over the next year.