NEW YORK. Manufacturing growth slowed across the globe in May but there was some relief in the United States where there was scant evidence of any impending slump caused by Europe’s debt crisis.
Purchasing managers surveys in China and the euro zone showed local economies grew at a more sluggish pace. That stoked fears China may become less of a force for growth, while European economies could falter due to weakening domestic demand as governments cut deficits.
In the United States, the headline number showed a slight slowdown but new orders and exports were stable, calming fears that Europe’s crisis has started to drag on the world’s largest economy. Employment numbers improved, a positive sign ahead.