by Mike ‘Mish’ Shedlock
Mish Talk
Global Manufacturing PMI Signals Stagnation in February
The word of the day is “stagnation”.
According to Markit, German manufacturing is at a 15-month low; Eurozone manufacturing is at a 12-month low; US production is weakest since October 2013; Chinese manufacturing has some of the worst readings since 2009.
Our stagnation roundup starts with a summary: Global Manufacturing PMI Signals Stagnation in February.
February saw the growth rate of global manufacturing output slow to near-stagnation. Inflows of new business rose only marginally, while new export orders and employment both contracted. The J.P.Morgan Global Manufacturing PMI™ posted 50.0 in February, a 39-month low and identical to the no-change level that signals stagnation. The downturn in emerging nations accelerated to its fastest since last September, while growth across the developed markets slowed to a 33-month low.