The beginning of the second quarter (Q2) of this year saw a mild downturn in global manufacturing output, as tighter COVID restrictions in China weighted on production, according to the J.P. Morgan Global manufacturing purchasing managers’ index (PMI), which fell to 52.2 in April, down from 52.9 in March—its lowest level since August 2020.
The April PMI surveys signalled a downturn in worldwide manufacturing production for the first time since June 2020.
The index is a composite one produced by J.P. Morgan and S&P Global in association with US-based Institute for Supply Management (ISM) and the International Federation of Purchasing and Supply Management (IFPSM).
Rising geopolitical tensions, supply chain disruptions and escalating inflationary pressures also weighed on new order intakes, as growth of new business eased to near-stagnation, J.P. Morgan and S&P Global said in a press release.
The global manufacturing output index dropped to 48.5 in April. The decline mainly reflected a steep contraction in mainland China, where escalating COVID restrictions were a major factor underlying the sharpest drop in production volumes for 26 months since February 2020.
Read more about Start of Q2 2022 sees mild downturn in global manufacturing output
Explore more News here