Wednesday's economic reports showed that global manufacturing activity accelerated in January as JPMorgan's global manufacturing index improved to 51.2 in January from 50.5 in December.
The US led the way among developed economies as the Institute for Supply Management’s manufacturing PMI climbed to 54.1 in January from 53.1 in December.
The positive picture for the US economy was supported by reports of a 170,000 increase in private sector employment and a 1.5 percent increase in construction spending.
UK manufacturing also improved in January. The Markit/CIPS manufacturing PMI rose to 52.1 from 49.7 in December.
Manufacturing in the euro area was not as strong but showed improvement nevertheless. Markit's eurozone manufacturing PMI rose to 48.8 in January from 46.9 in December.
China's manufacturing also improved in January. The China Federation of Logistics and Purchasing manufacturing PMI rose to 50.5 from 50.3 in December while the HSBC's preliminary PMI stood at 48.8 in January, up only marginally from 48.7.
However, China's improvement paled in comparison with India's where the HSBC manufacturing PMI jumped to 57.5 in January from 54.2 in December.
Real Time Economics has a summary of the world's manufacturing PMIs.
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