World's manufacturing stagnates

The world's manufacturing economy stagnated in October with the crisis-wracked eurozone by far the worst performing region, according to a business survey that showed new export orders declining at the fastest pace in almost two-and-a-half years. The J.P. Morgan Global Manufacturing PMI rose slightly to 50.0 in October from 49.8 in September, putting it right on the threshold that separates growth from contraction.
Survey compiler J.P. Morgan noted strengthening growth in China, Russia and India, but manufacturers in the United States edged closer to stagnation and eurozone factory activity saw an alarming fall last month. The new export orders index fell to 48.4 in October from 48.8 the previous month - its worst showing since May 2009 - suggesting world trade has already taken a hit from the huge economic uncertainty surrounding the eurozone's debt crisis. The downturn in eurozone manufacturing in October was even deeper than previously thought, according to "grim" business surveys on Wednesday that showed the currency union's debt crisis is dragging its economy back into recession.