Global manufacturing PMI hits 34-month high in December

BRUSSELS - The activity in the global manufacturing sector has hit a 34-month high in December as the growth was generally led by the United States and Western Europe regions, according to a survey released by Markit Economics on Tuesday.

JP Morgan Global Manufacturing PMI rose for the fourth straight month to 52.7 in December, up from 52.1 in November, its highest level since February 2014.

A reading above 50 indicates an expansion, while one below that level points to a contraction.

Global manufacturing production increased at the fastest pace for two-and-a-half years in December, underpinned by the steepest intake of new work since July 2014, according to the survey.

"The improvement in the headline PMI to a 34-month high rounds off a generally positive second half of the year for the global manufacturing sector," David Hensley, Director of Global Economic Coordination at JP Morgan said.

With rates of expansion in production and new order volumes having gathered pace during the latter part of 2016, the sector will start 2017 on a solid footing with positive momentum building and job creation accelerating, he added.