Global manufacturing PMI stands at 53.9 in November

The Global Purchasing Managers' Index (PMI) for the manufacturing sector stood at 53.9 in November, the China Federation of Logistics Purchasing (CFLP) said on Sunday.

Although the figure in November marks the fifth straight month above the benchmark 50, indicating expansion, it decreased 0.6 points on the previous month,reflecting a turbulent global economic recovery.

Manufacturing in Europe, America and Africa experienced a dip to different extents in November compared to the previous month, while in Asia there was a slight increase.

The PMI of Africa's manufacturing was 51.2 in November, a decrease of 3.2 points from the previous month, indicating that the continent's manufacturing growth slowed down. In the report, the CFLP attributed the decrease to a rebound in COVID-19 cases in Africa.

In Asia, the manufacturing PMI rose to 51.9, setting a new high for the year and marking a seventh consecutive monthly increase. The steady rise of China's manufacturing has provided support for the stable operation of Asian manufacturing, with manufacturing in Japan and South Korea are also recovering.

"The continuous recovery of Asian manufacturing is good for stabilizing the global recovery," the CFLP report said.

In Europe, there was a dip in November PMI, decreasing 0.6 points to 52.8 in November. Major countries all experienced a fall to different extents.The pandemic has not been effectively controlled there and so downward pressure continues to weigh on manufacturing, the CFLP report said.

A dip in PMI in the Americas, down by 1.6 points to 57.1, was mainly driven by the retracement of U.S. PMI. As the U.S. epidemic continues to show no signs of abating, there are still obstacles to economic recovery. The Fed and the Treasury Department have not yet reached an agreement on whether to extend the emergency loan program due at the end of the year, which has brought additional uncertainty.

An uneven rebound across countries is one of the factors impeding economic recovery, said the CFLP, adding that the trend of global economic resurgence has not changed despite some turbulence.

Countries have been piling efforts on fiscal stimulus to prevent their economy from getting worse. In its latest economic outlook, the Organisation for Economic Co-operation and Development said it expects the global economy to contract by 4.2 percent this year, reflecting an upward revision from a fall of 4.5 percent in real GDP estimated in September.

(CGTN)