Signs of recovery after a torrid year reverberated around the world yesterday as manufacturers reported rising output and improved employment prospects in the US, Europe and Asia.
From Seoul to San Francisco, manufacturing sentiment has recovered quickly from the sudden shock of the global recession last year, when world trade stopped dead and unsold stock piled up in warehouses across the world.
A year on, manufacturers reported that in October, output around the world was rising at the fastest rate for five years. The JP Morgan global composite purchasing managers' index rose to 54.4, up from 53 in September, the highest value since July 2004.
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