Global manufacturing expanded at its fastest pace since May 2004 in April as output and new orders surged to new multi-year highs, a survey showed on Tuesday.
The Global Manufacturing PMI, produced by JPMorgan with research and supply management organisations, rose to 57.8 in April from 56.8 in March, the tenth month it has kept above the 50 mark that divides contraction from growth.
"The global manufacturing sector got off to a robust start to Q2, with rates of growth in production and new orders amongst the highest in the survey history," said David Hensley at JPMorgan.
The survey compilers said the outlook was positive in the months ahead, with the orders-to-inventory ratio rising sharply -- suggesting that manufacturers will need to ramp up production further to meet demand.
On Monday, the Institute for Supply Management said its index of U.S. factory activity hit a nearly six-year high and a rate above expectations.
Britain's Markit/CIPS manufacturing PMI report showed the strongest rate of growth in factory activity since 1994. A separate euro zone survey this week showed output growth accelerated to its fastest pace since June 2000.
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