Downturn of global manufacturing sector continued in August
Sep 3rd, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The JPMorgan Global Manufacturing PMI (Purchasing Managers' Index) posted 48.6 in August, to signal a further deterioration in the overall economic health of the worldwide manufacturing sector and record its lowest reading since April 2003. Conditions continued to weaken in the Eurozone, the UK and Japan. The temporary effects of transport and production restrictions imposed by the government during the Olympics led to a contraction of the Chinese manufacturing sector. PMIs for the US and Russia also fell below 50.0 and, for Russia, this was the first sub-50 reading for over three-and-a-half years.