The manufacturing industry is starting to see positive numbers around the world, despite continuing global economic problems. The United States, India, China, and Europe are starting to see some growth, although the not all of the European manufacturing industry is on the up and up. It turns out that global manufacturing has managed to do well despite the Eurozone crisis and global economic woes, but time will tell if global manufacturing can continue to make improvements as economic conditions are projected to remain the same.
U.S Manufacturing Industry Saw Late Year Growth
The U.S Manufacturing industry ended 2011 on a high note, growing at its fastest rate in six months. Latest readings show that national factory activity is above previous forecasted levels, and that the construction industry is also at an 18-month high. The American manufacturing industry also saw an increase in orders near the end of 2011. Bookings for factory goods climbed two percent in November, according to economists, and production also increased a few points during the last few months of the year. These are incredibly auspicious signs, as it means that the U.S economy might see a turnaround in 2012.
India and China Manufacturing Industries Also Do Well
Manufacturing expanded in India and China in December as well, indicating that Asia’s fastest-growing major economies have so far withstood the fallout from the Eurozone crisis, as did the U.S. India’s manufacturing grew at the fastest pace in six months, stoking inflationary pressure, and a Chinese manufacturing gauge rose by more than economists expected. However, the manufacturing industries in Taiwan and South Korea are contracting, partially due to the sluggish economy in the U.S. Asia's breakneck growth cooling in response to the slowdown in the West, so since the U.S. is at least making some improvements, time will tell if India and China will be able to continue, or even increase their growth, or will remain cautious.
European Manufacturing Industry Not There Yet
The European manufacturing industry did decline a little bit more at the end of 2011, but the rate of decrease has been the smallest in some time. A gauge of Swiss manufacturing rose to 50.7 in December from 44.8 in November when adjusted for seasonal swings, as well as the U.K index. However, the Norwegian manufacturing industry actually contracted at its fastest pace in two years. The rate of production in the European manufacturing industry has declined for the fifth month in a row, indicating that the continent is going through another recession, despite the fact that output actually increased in Germany, where unemployment actually fell in its manufacturing industry. Since the Eurozone crisis is expected to continue through the first half of 2012, hopefully Europe can see improvement in the way Asia and the U.S have.