"The global manufacturing sector is contracting for the first time since July 2009. The global manufacturing Purchasing Managers Index (or PMI) I calculate on a GDP-weighted basis for the major economic regions fell to 49.5 from 50.1 in September. The contraction is largely afflicted by a further significant contraction in the eurozone.The U.S. ISM manufacturing PMI disappointed with 50.8 in October compared to 51.6 in September. The figure was significantly lower than the consensus forecast of 52.0.China's CFLP manufacturing PMI fell to 50.4 from 51.2 in September but, when seasonally adjusted, the gauge rose slightly to 50.6. Japan was the star among the major economies as the manufacturing sector returned to growth in October.The recession in the eurozone's manufacturing sector is gaining momentum, with Germany joining the rest. The situation in Greece and Italy has deteriorated sharply, but Ireland managed to stem the tide as the manufacturing sector experienced some growth. In contrast to the eurozone the manufacturing sectors in emerging European economies are improving, with Poland and Turkey at the forefront.The manufacturing sectors of Asian countries are a mixed bag. India's manufacturing sector is growing again after teetering on the brink of stagnation, the contraction in Australia has eased significantly and the situation in South Korea has stabilized. However, the contraction in Taiwan's manufacturing sector has deepened.Russia and South Africa continue to hold up reasonably well in the other BRICS countries, while the contraction in Brazil's manufacturing sector has eased."http://m.minyanville.com/?guid=37733&catid=4--------------------GG Home Fool
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