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​Global manufacturing picked up in May: survey

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Global manufacturing picked up in May but only slightly, according to JPMorgan's Global Manufacturing Purchasing Managers' Index (PMI).

According to Reuters, the Global PMI for May was 52.2. This represented an increase since April’s figure of 51.9. It was the 18th consecutive month of increase for the Global PMI.

Readings above 50 correspond to expansion, while figures under 50 indicate contraction in activity.

"The growth rate of global manufacturing production ticked higher in May, as companies raised output in response to rising levels of new business and international trade volumes," David Hensley, a director at JPMorgan told Reuters.

Looking specifically at Australia, the Ai Group’s PMI for May recorded a result of 49.2. The overall result was an improvement on April's by 4.4 points.

Meanwhile, the United States’ manufacturing sector quickened its expansion last month, according to the Institute for Supply Management.

The ISM’s PMI for May was up from April’s 54.9 to 55.4, following two corrections earlier released and blamed on a “software problem”.

And the eurozone manufacturing sector continued to grow in May, but did so at a slower rate than in the previous month, according to the latest figures.

Dow Jones Newswires reports that Data firm Markit's PMI for the eurozone for May was 52.2. The figure for April was 53.4.

Finally, according to Reuters, the Markit/CIPS UK PMI fell to May to 57.0 from 57.3.

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