The global manufacturing sector entered the second quarter of 2026 with significant momentum as output and new orders accelerated.
The latest J.P. Morgan Global Manufacturing PMI climbed to 52.6 in April, marking a notable increase from March’s 51.3. This represents the strongest operating performance for the industry since March 2022, according to the report produced by J.P. Morgan and S&P Global Market Intelligence.
The index has now maintained a position above the neutral 50.0 threshold for nine consecutive months, signalling sustained recovery across the international industrial landscape.
Four out of the five PMI components – new orders, output, stocks of purchases and suppliers’ delivery times – all showed improvement in operating performance. Meanwhile, employment decreased for the second consecutive month.
The output growth reached a near five-year high, with expansions being recorded across the consumer, intermediate and investment goods sectors.
Of the 32 nations surveyed, 19 reported growth, with major industrial powerhouses leading the charge. Mainland China recorded a 22-month high, while the United States saw its strongest performance in 48 months. Most striking was Japan, which hit a 146-month high, alongside an eight-month peak in the euro area.
However, despite the current boom, Alex Gallin, global economist at J.P. Morgan, warned that this growth may be temporary.
“Caution is still warranted as some manufacturers front-load production ahead of growing supply chain disruptions; supplier delivery times and the pricing indexes surged to multi-year highs,” he explained.
The average vendor delivery times lengthened to the greatest extent since August 2022 due to the ongoing conflict in the Middle East.
All of the nations that are part of the report reported higher input costs, with Romania being the only place where the jump was smaller than it was in March. The fastest price increases were seen in Europe, Brazil, and parts of Asia.
Overall, business confidence remains low as companies continue to worry about global political tensions.
