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In November, growth in global manufacturing activity weakened from October, decreasing from 50.9 to 50.5. Output and new orders both expanded for the fourth consecutive month in November. Meanwhile, inventories signaled contractions, and lead times continued to show strains on global supply chains, lengthening for the 18th consecutive month. Employment fell as lower staffing levels in China, the U.K. and the Eurozone contrasted higher staffing in Japan, India and the U.S. On the other hand, new export orders contracted for the eighth consecutive month but at a slower pace than October.

Thailand, India, Colombia and Vietnam had the highest PMI readings in November. On the other hand, Mexico, Germany, Russia and Canada were some of the larger nations to register declines in activity. The upturn in manufacturing output occurred for consumer and intermediate goods industries, while investment goods saw a decrease in November.

Meanwhile, price pressures rose from lower levels in October and accelerated faster in developed nations compared to emerging markets in November. Forward-looking indicators were positive, with business optimism hitting a five-month high but remaining below long-run averages for the 20th consecutive month.