Global manufacturing PMI sags as new orders growth slows

Global manufacturing activity expanded at a slower pace in August than in the previous month, reflecting slower growth of new orders and a waning boost from inventory building, a survey showed on Wednesday.

The Global Manufacturing PMI, compiled by JPMorgan with research and supply organisations, fell in August to 53.8 from 54.3 in June -- its lowest since November but marking its fifteenth month above the 50 mark that separates growth from contraction.

"August PMI data suggest that the manufacturing recovery slowed further from the boom rates seen earlier in 2010," said the bank's David Hensley. "While conditions will continue to cool as the year progresses, there looks to be sufficient traction remaining to sustain the recovery."

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- Posted: 2010-09-01 21:12:07

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