April 2, 2013 / 3:44 PM / in 5 years

Global manufacturing picks up in March -PMI

LONDON, April 2 (Reuters) - Global manufacturing expanded at a slightly quicker pace in March, helped by factories in the United States and China, according to a business survey on Tuesday.

The JPMorgan Global Manufacturing PMI rose to 51.2 in March from 50.9 in February, holding above the 50 mark that divides growth and decline for a third month.

“Indexes of output and new orders rose slightly to levels consistent with moderate, stable growth in global production,” said David Hensley, director of global economics coordination at JPMorgan.

More than a quarter of the survey is weighted by Markit’s relatively new U.S. manufacturing PMI, which suggested factory growth picked up in March - in contrast to the closely-watched ISM number that on Monday showed slowing growth.

European factories, however, proved to be a drag on the global manufacturing economy last month, JPMorgan said.

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