[LONDON] Global manufacturing growth pulled back slightly in March as factories made only modest cuts to their prices, a business survey showed on Thursday.
JPMorgan's Global Manufacturing Purchasing Managers' Index (PMI), produced with Markit, nudged down to 51.8 in March from February's four-month high of 51.9.
March was the 28th month the index has been above the 50 level that separates growth from contraction. A sub-index measuring output prices rose to just below that level, coming in at 49.7.
"The March PMI surveys suggest that the global manufacturing sector continued to make steady progress, with rates of expansion in output and new orders staying close to the solid rates seen in recent months," said David Hensley, a director JPMorgan.
The PMI combines survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia.