LONDON (Reuters) - Global manufacturing activity accelerated in June, and with new orders coming in faster output is likely to pick up in the coming months, a business survey showed on Tuesday.
JPMorgan’s Global Manufacturing Purchasing Managers’ Index (PMI) rose to a four-month high of 52.7 in June from May’s 52.1, holding above the 50 mark indicating growth for the 19th month in a row.
“The global PMI suggests the growth of manufacturing output strengthened further into midyear,” said David Hensley, a director at JPMorgan.
“With new order inflows strengthening and inventories of finished goods indicated to be declining, the stage is set for robust output gains in the coming months.”
New orders came in at their fastest rate since February while firms ran down stocks for the third month, the survey showed.
The United States, Britain and much of Asia recorded solid increases in activity last month but factories in the euro zone lost momentum.
Reporting by Jonathan Cable; Editing by Hugh Lawson