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Global manufacturing momentum slows in March, prompts price cuts

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Global manufacturing momentum slows in March, prompts price cuts

Global PMI signals strongest quarter for nearly three years, but also shows slowing momentum.

Business conditions in the world’s factories continued to improve in March, building on the recovery that has been evident over the past year, according to  market technology firm Markit.

However, the rate of improvement slowed from the near-three-year high seen in February to the weakest for five months, and weaker growth of new orders suggests the pace of expansion could slow further.

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The weakness of demand is meanwhile leading to lower inflationary pressures, with factories cutting their prices on average for the first time in eight months.

Weakness was evident across the so called ‘BRIC’ emerging market economies.

Weakness in BRICs bring down global PMI  

The JPMorgan Global PMI™, compiled by Markit from its 24 national surveys, fell from 53.2 in February to 52.4 in March. PMIs fell in 16 countries and rose in only eight.

The US, Czech Republic and Ireland led the worldwide PMI rankings, followed by the UK.

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