Global manufacturing’s recovery continues to gain traction, with J.P. Morgan’s global manufacturing purchasing managers index hitting 53.7 last month, the highest in almost three years.
But the employment portion of that index has only just returned to growth, and incredibly narrowly so at a reading of 50.1. Readings above 50 indicate expansion month over month. That weakness tells us something of concern about the sort of recession the world plunged into, and the shape of the recovery so far.
The…
This post first appeared on wsj.com
