Global factory activity highest since June 2011 - PMI

Reuters
An employee works inside a silk factory in Neijiang, Sichuan province, July 3, 2013. REUTERS/China Daily/Files
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An employee works inside a silk factory in Neijiang, Sichuan province, July 3, 2013. REUTERS/China Daily/Files

LONDON (Reuters) - Global manufacturing activity grew at its fastest pace in over two years in August as new orders flooded in at a rate not seen since February 2011, a report showed on Tuesday.

JPMorgan's Global Manufacturing Purchasing Managers' Index rose to 51.7 in August from July's 50.8, above the 50 mark that divides growth from contraction for the eighth month.

A new orders index jumped to 53.3 from 51.6, suggesting another upturn in activity next month. Firms took on more staff for the first time in three months to meet the growing demand.

European factories experienced robust growth in August and China bounced back on rising demand while U.S. manufacturing grew last month at its fastest pace in more than two years, earlier releases showed.

The main drag came from broad-based weakness in a number of emerging markets, including India, Taiwan, South Korea, Indonesia, Vietnam and Brazil, JPMorgan said.

(Reporting by Jonathan Cable; Editing by Hugh Lawson)

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