"Economic Data" MoTong January Global Manufacturing PMI Rises to 50

JPMorgan Chase's global Manufacturing Purchasing Managers' Index (PMI) for January 2024 stabilized, rising from a previous value of 49 to 50, ending 16 consecutive months of contraction. All five sub-indices made positive contributions to the PMI, particularly output, which increased from 49.4 to 50.3, ending seven consecutive months of contraction. New orders and new export orders both declined for 19 and 23 consecutive months, respectively. Input price inflation reached a three-month high, while output costs rose for six consecutive months. Future output expectations continued to rise, reaching a nine-month high, with the relevant index increasing from a previous value of 60.6 to 62.5.