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Global Manufacturing Slump

JP Morgan released its July Global Manufacturing PMI today and the figures aren't positive. The index is a composite of all the various PMI figures released today, such as those of Canada and Brazil, and is a relatively accurate snapshot of overall manufacturing activity on an international level. The PMI decreased to 48.4 from 49.1 previously; this is the lowest level of the PMI since June 2009. The reading below 50 shows an increase in contraction in overall manufacturing activity but there were some bright spots in countries such as Canada, India, Indonesia, Ireland, Mexico, Russia and South Africa.