NEW YORK -- Global manufacturing is on the rise, according to a series of indices from around the world, although forecasters aren't yet calling an end to the recession threat.

Despite continuing fears for the euro currency, debt crises in Europe and the US, and slowing in China, manufacturing indices improved in January.

Recent reports from major manufacturing epicenters show promising figures. The Eurozone Manufacturing PMI rose in January, and while still below the benchmark 50% reading signaling growth, its rate of contraction is slowing and production is creeping toward recovery. Meanwhile, Germany's manufacturing output grew for the first time since September, reaching its highest point since last summer.

In Asia, manufacturing rose in Japan for the first time in three months. In the US, the PMI is not only in the black, but is increasing at an accelerating pace. Institute for Supply Management’s PMI grew one point month-over-month to 54.5 in January, its highest mark since June.