LONDON (Reuters) - Global manufacturing growth accelerated to a seven-month high in October but remained muted despite factories cutting their prices at the steepest rate since May 2013, a business survey showed on Monday.
JPMorgan’s Global Manufacturing Purchasing Managers’ Index (PMI), produced with Markit, came in at 51.4 last month after holding steady at August’s more than two-year low of 50.7 in September.
October was the 35th month the index has been above the 50 level that separates growth from contraction and the slight pick up did push factories to increase headcount after trimming employment levels in September.
“The global manufacturing sector remained in a low growth gear during October, as the ongoing slump in emerging Asian markets continued to offset growth in many of the major developed industrial nations,” a release accompanying the data said.
A sub-index measuring output prices fell to 48.6 from 48.7, its lowest reading in 2-1/2 years.
The global PMI combines survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia.
Reporting by Jonathan Cable; Editing by Toby Chopra