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March 10, 2014

Global manufacturing index rose in February, ACC report says

Scott Jenkins

The JPMorgan Global Manufacturing PMI (purchasing manager's index) rose 0.3 points to 53.3 in February, a 34-month high, according to the latest Weekly Economic and Chemistry report from the American Chemistry Council (ACC; Washington, D.C.;
The global PMI has signaled expansion in each of the last 15 months, and has maintained a generally upward trend since April. However, says the report, disparities remain between the developed nations and emerging markets.
"Growth continues to be stronger in the United States and the Euro Area, and the upturns in Japan and the United Kingdom remain robust," the ACC report said, but continued, "In contrast, the PMIs for China, South Korea and Russia signal contraction, while rates of growth in Brazil and India were below the global average."
The ACC also included economic statistics on the production of major plastic resins in their latest weekly report. U.S. production of major plastic resins totaled 6.4 billion pounds in January, which is down 1.8% compared to the same month last year, the report said.
Speaking about the wider overall economy, the ACC said the data for the week were mixed, and were qualified by the unusually cold weather experienced in much of the country this winter. Job gains for February were slightly stronger than expected, the report said, but they were not enough to make up for weak performances in December and January.

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