Global PMI dips below 50 : Markit

At 49.9 in September, down from 50.2 in August, the JPMorgan
Global Manufacturing  PMI™ posted below the neutral 50.0
mark for the first time since June 2009.
The per formance of   the global  manufactur ing sector  has
weakened noticeably since the start of the year. Over Q3 2011
as a whole, production growth was negligible and down sharply
f rom Q1's  recent  peak.   Incoming new work,  meanwhi le,
contracted for the first time since Q2 2009.
September saw new orders contract at the fastest pace 28
months, meaning that manufacturers depleted backlogs of
work to the greatest extent in almost two-and-a-half years just
to hold production steady at its August level. International trade
flows have also fallen in recent months.
September saw production expand in the US and the UK,
following slight reductions in August. China reported a further
slight expansion, while growth in India slowed sharply to its
weakest in the current two-and-a-half year period of increase.
Output declined in the Eurozone, Japan and Brazil.
The level of incoming new work fell for the third consecutive
month  in September.  Among  the major   indust r ial  nat ions
covered by the survey, new orders declined in the US, the
Eurozone, China, and Japan. All of the euro area member
states for which data are collected saw a contraction.
New export orders declined for the second successive month
in September. Reductions were seen in the Eurozone (steepest
since June 2009), Japan (fastest for five months), China, the
UK and Brazil (both the most marked since May 2009), India,
Russia, Taiwan, Poland and Australia. Within the euro area,
all nations reported lower levels of new export business. In
contrast, the US saw growth in foreign demand improve from
August's two-year low. Canada, the Czech Republic and Turkey
also reported increases.
Manufacturing employment increased for the twenty-second
straight month in September. However, the average rate of
jobs growth over Q3 2011 was the least marked since the final
quarter of 2009. The latest survey period saw staffing levels
increase in the US, the Eurozone (but driven almost entirely by
Germany), Japan, Canada, Eastern Europe, Switzerland,
Taiwan and Turkey. Job losses were seen China, the UK, India,
Russia, Brazil, South Africa and Australia.
September saw average input prices rise at the same pace
as August's 13-month low. Cost inflation continued to ease in
developed markets, whereas emerging nations saw input
prices rise at the fastest pace in four months.