Manufacturing production rose for the first time in six months during July. Although the rate of expansion was only mild it was nonetheless the sharpest since the end of 2018.
Growth was registered in the US, China, the euro area, the UK, Brazil and Australia among others. Due to their relative size, contractions in Japan, India and South Korea were the main drags on the nascent global manufacturing recovery.
July also saw incoming new orders increase for the first time in six months. However, with the restrictions in place to combat the spread of COVID-19 only being loosened, not removed entirely, the trend in international trade volumes continued to weaken. This also had an impact of supply chains, with average vendor delivery times lengthening for the twelfth successive month.
- Headline PMI rises to six-month high of 50.3 in July
- Output and new orders return to growth territory
- International trade volumes fall at slower pace