Global manufacturing activity continued to expand in October, although rising input costs, material shortages and supplier delivery delays added pressure on manufacturers, according to the latest J.P. Morgan Global Manufacturing PMI data compiled by S&P Global Market Intelligence.
The J.P. Morgan Global Manufacturing PMI recorded 52.6 in October, down from 53.0 in September but remaining above the 50.0 neutral mark for the fifteenth consecutive month, indicating continued improvement in operating conditions.
Manufacturing output and new orders continued to grow, although both eased slightly from September’s levels. Production increased for the fifteenth consecutive month, with expansions recorded across consumer, intermediate and investment goods industries. Intermediate goods manufacturers reported the strongest growth, while consumer goods producers recorded the weakest.
Of the 29 countries with available October data, 19 recorded increased manufacturing production. Thailand, India and Indonesia led the rankings, while the United States, mainland China and Japan also reported output growth.
New export orders increased for the third consecutive month, while manufacturers continued to report rising backlogs of work. Outstanding business increased for the ninth consecutive month, with companies citing stronger sales, supply chain delays and capacity constraints as contributing factors.
Employment also continued to improve, rising for the fourth consecutive month across all three goods-producing sectors. However, the latest data highlighted growing cost pressures, with input prices increasing at their fastest rate since June.
Manufacturers reported that supply chain delays and material shortages were contributing to higher input costs. Average supplier delivery times lengthened for the 29th consecutive month, with the rate of deterioration among the steepest recorded during that period. Selling price inflation also accelerated in October.
Maia Crook, Global Economist at J.P. Morgan, said the manufacturing sector began the final quarter of 2026 on a solid footing, despite some moderation in output growth.
“The October global output index fell back 0.7-point after reaching a five-year high in September, but at 53.1 the index continues to suggest manufacturing growth near 3%,” Crook said.
She added that inventory indicators were beginning to show an improvement from stock-building, while new orders, employment and export business remained close to recent highs.
However, Crook noted that these positive activity and demand indicators contrasted with ongoing pressures from elevated input prices and a subdued outlook for future output.
October data for Brazil, Mexico, Colombia and the Philippines were not available at the time of reporting due to later-than-usual release dates.
