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Newark, NJ – The Journal of Commerce-Economic Cycle Research Institute index of global industrial prices moved into positive territory for the first time in almost a year in its most recent week, signaling an improvement in global demand for the raw materials that go into industrial production, The Journal of Commerce reports.

The Industrial Price Index, based on the daily prices of raw materials used in industrial production, ended the week of July 24 more than 3.3 percentage points higher than the previous week, reaching 86.1637, the highest point for the IPI has since Oct. 24, 2008. The gain marked a 4.54 percent improvement over the index's average over the previous 52 weeks, the first time the IPI has grown since the first week of Aug. 8, 2008, shortly before the onset of a steep decline in world financial markets.

"That's a pretty dramatic recovery when you consider that we were at minus 69.9 percent on Dec. 8," says Lakshman Achuthan, managing director of ECRI, the New York-based economic forecasting firm that compiles and tracks a number of leading indicators for economic activity around the world.

The upturn is occurring in the United States and Asia, excluding Japan and the United Kingdom, he said. "The industrial upturn is now being joined by a broader economic recovery," Achuthan says. "But in continental Europe and Japan, the recovery is not yet in clear sight."

Read the full story at prnewswire.com.

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