The global manufacturing sector closed out 2025 on a subdued footing, as output growth eased and both new order inflows and employment levels were unchanged. The J.P.Morgan Global Manufacturing PMI – a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM – fell slightly to 50.4 in December, down from 50.5 in November but above the neutral mark of 50.0 for the fifth consecutive month. Two of the PMI components (output and suppliers' delivery times) were at levels consistent with expansion, two were signalling no change (new orders and employment) and stocks of purchases declined.

National PMI readings signalled expansions in 18 out of the 29 nations for which December data were available. India, Vietnam and Greece were the highest ranked countries. Growth was also signalled in the USA, mainland China and he UK. Japan and Germany were among the larger industrial nations to register PMI readings consistent with decline.Manufacturing output rose for the fifth successive month in December. Expansions were seen across the consumer, intermediate and investment goods sectors, the fourth time in the past five months that concurrent growth has been registered.

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