The Global Purchasing Managers’ Index (PMI) for manufacturing, published by S&P Global, declined from October’s revised reading of 50.9 to 50.5 in November, its lowest reading
during the current four-month sequence of expansion. Beneath this headline figure, the data continue to reveal significant variation across countries.
In the United Kingdom, the manufacturing PMI rose to a 14-month high of 50.2 in November, the first reading above the PMI’s neutral 50.0 mark since September 2024. The latest survey was conducted from 12 to 25 November, closing before the Chancellor’s Budget announcement on 26 November.
Two PMI components – output and supplier delivery times – signalled improving conditions, while purchasing stocks and employment fell and new orders were unchanged. Production rose for a second month, the first back-to-back gain since late 2024, but growth was modest and concentrated in investment goods; consumer and intermediate goods both contracted. Only large firms reported higher output, with SMEs seeing renewed declines. New business stabilised after 13 months of contraction. Domestic demand improved, and the drop in export orders eased to a 12-month low, though foreign demand still fell for a 46th month, with weaker inflows from the US, EU, China and Brazil.
In the eurozone, the manufacturing PMI fell back below the 50.0 neutral threshold to 49.6 during November, after rising to the neutral threshold in October, signalling a renewed deterioration in factory conditions across the single currency union. Although the decline was the most pronounced since June, it was only marginal overall.
National PMI data highlighted a sharp divergence between the eurozone’s two largest economies – Germany and France – and the rest of the currency area. Growth broadened in November: Austria and Italy returned to expansion, Spain and Greece maintained slower but solid improvements, and the Netherlands matched October’s pace. Ireland led the rankings with its strongest growth in four months. In contrast, Germany and France slipped to nine-month lows, moving further into sub-50 contraction.
Among other EU countries, Sweden’s PMI eased slightly but remained firmly in positive territory at 54.6. Hungary rose further into expansionary territory with a PMI of 53.4, while Poland and Czechia rose slightly but remained in contraction. Romania slipped further into negative territory, recording the weakest PMI globally at 47.2.
Elsewhere in Europe, Kazakhstan and Türkiye both rose slightly but remained below the 50.0 threshold. Switzerland’s Manufacturing PMI for November has not been published yet.
Across Asia, performance was mixed. China’s PMI slipped back below 50.0 after three months of expansion, while South Korea held steady just under the threshold. Pakistan rebounded to 52.3 after two months of contraction, and Japan posted a small gain but stayed in negative territory. Taiwan also improved yet remained below 50.0. India continued to lead globally at 57.4, despite a slight easing from October, and the ASEAN PMI rose for a fifth straight month in expansion.
In the Americas, the U.S. edged down to 52.2 but stayed firmly in growth territory, signalling another solid – if slower – improvement in operating conditions. Canada dipped to 48.4, remaining in contraction. Colombia recorded a small decline but stayed above 50.0, while Brazil inched higher yet remained sub-50. Mexico fell again, marking a third straight month of contraction. The individual S&P Global PMI reports are available to download on their web-site at https://www.pmi.spglobal.com/Public/Release/PressReleases but we also have a summary charts report which is available to download below. You should note that the PMI readings for Hungary, Sweden and Switzerland are not compiled by S&P Global but can be found with an appropriate internet search (it also means that they are not part of the global PMI calculation).