Global manufacturing activity continues to expand rapidly: new index

BEIJING - Global manufacturing maintained rapid expansion in October, according to a new index compiled by the China Federation of Logistics and Purchasing (CFLP).

The global manufacturing purchasing managers' index (PMI) stood at 55.1 last month, down from 55.9 in September but still at a relatively high level, according to the CFLP, which released the index for the first time on Tuesday.

The index has stayed above 53.5 since the beginning of this year, showing a strong recovery of manufacturing in developed countries, accelerating industrial upgrading in emerging market economies and rising commodities prices on the global market, a CFLP statement said.

The federation gathered national and regional PMI data across the world to compile the index, which will be released on the 6th of every month.

As economic globalization advances, fast and comprehensive information is needed that reflects the dynamics of the world economy, said Cai Jin, deputy head of the CFLP.

Nearly 50 countries and regions now release PMI data, accounting for 90 percent of the global economic output, Cai said.

China's manufacturing PMI came in at 51.6 in October, falling from 52.4 in September but standing above the boom-bust line for a 15th straight month.