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Recession… what recession?

first_img Share Recession… what recession? whatsapp Buoyant manufacturing figures from the UK, the US and China boost hopes for global recoveryFactories continued to fire back to life last month, with manufacturing in the UK, the US and China rebounding more strongly than economists had expected.In the UK, the manufacturing sector kicked off the fourth quarter on a high note, with October export orders rising sharply to a five-month high after a slowdown in September. The closely-watched purchasing managers’ index (PMI) from Markit rose to 54.9, compared to a 10-month low of 53.4 in September. Economists had been expecting a figure of 53.1. This is the fifteenth month in a row that the PMI has been above the all-important 50 mark, which indicates expansion rather than contraction. The more forward-looking aspects of the index suggested the rebound is no flash-in-the-pan, with new order growth improving for a second month in a row. Manufacturers also employed new workers at the fastest rate since June, indicating they are more confident about the future, and fuelling hopes that the private sector will be able to compensate for public sector job losses. Economists said the robust figures, which come hot-on-the-heels of strong third-quarter GDP growth of 0.8 per cent, were the “final nail in the coffin” for another round of quantitative easing (QE), at least in the short term. “If last week’s GDP data was not enough to head off the possibility of the Bank of England implementing further QE at this week’s meeting, then these figures will surely be the final nail in the coffin,” said Andrew Goodwin, senior economic advisor to the Ernst & Young Item club. Meanwhile, stocks across the globe ticked up after Chinese and US manufacturing data provided investors food-for-thought ahead of the Fed’s decision on more QE, due tomorrow. The US Institute for Supply Management’s October PMI rose to 56.8 from 54.4 a month earlier, confounding economists who had expected it to slip further to 54. The all-important employment component of the index bounced higher, as did the part that measures new orders. Earlier, news from China’s factories provided cause for hope. There, the official PMI rose to 54.7 against 53.8 in September, while the HSBC index rocketed from 52.9 to 54.8 – one of the sharpest rises since the bank began the survey. In London, the FTSE 100 closed up 0.3 per cent at 5,695.62. Across the pond in New York, the Dow Jones closed up by 0.6 per cent, after earlier gains were tempered by fears over the decision on QE. KCS-content whatsappcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndoBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach RaiderUndo Show Comments ▼ Monday 1 November 2010 9:41 pm More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Tags: NULLlast_img

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