The JP Morgan Global Manufacturing PMI (Purchasing Managers Index) registered 49.2 in October, up from 48.9 in September 2012; the highest reading since May 2012. However, the index value still represents market contraction. Manufacturing PMI measures the level of output of a country's manufacturing sector, based on a number of factors including: production, new orders and employment. An index value of above 50 indicates an expansion in the manufacturing sector, while an index value of below 50 indicates a contraction in the sector. In the US, the index stood at 51.5 in September an increase of 0.2 percentage points compared with September's reading of 51.5. This indicates the second consecutive month of expansion in the manufacturing sector. In Germany, the manufacturing index declined to 46.0 from 47.4 in September. The index has remained below the significant 50 mark for eight consecutive months. The HSBC Markit manufacturing PMI (for China) registered 49.5 in October, up from 47.9 in August.