Global Manufacturing PMI
Evidence of an improvement in global growth continues to mount. A global aggregate of manufacturing-sector purchasing managers indexes rose significantly in August 2013, reaching a level above its long-run average. The reading looks consistent with a reasonably strong pace of industrial expansion. The chart, which covers the period between January 2012 and August 2013, plots the level of the global PMI (x-axis) against its recent acceleration (y-axis). After persistent weakness in the past year and a half, the global manufacturing sector appears to be reviving, according to Michael Hood, Global Markets Strategist. Details behind the overall number also look encouraging, with broad-based gains across developed and emerging economies and a significant pickup in orders, boding well for continued strengthening.