The J.P. Morgan Global Manufacturing PMI composite index said manufacturing on a global scale had expanded in July for the first time since January, buoyed by recoveries in demand and production.
“The July PMI indicates that the recovery which began in May continued into mid-summer,” Olya Borichevska, global economist at J.P.Morgan, said in a statement. “Many of the PMI components reached their pre-pandemic levels for the first time in July including output and new orders (but) to fully recoup the losses sustained in the first half of the year will still take some time, especially if the recovery is knocked off course by any future re-tightening of restrictions.”
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It was the fastest output growth since December 2018, as manufacturing continues to rebound from the global pandemic and worldwide recession, wrote Chad Moutray, chief economist with the National Association of Manufacturers.