Global Economic Growth Continues at Slow Pace

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JPMorgan & Markit Global Indexes

Global All-Industry Output Index by Month



November saw the fastest expansion of global economic output since March. Growth of service sector business activity accelerated sharply, while the manufacturing sector stabilised following a four-month period of contraction.

The Global All-Industry Output Index – produced by JPMorgan and Markit in association with ISM and IFPSM – rose to an eight-month high of 53.7 in November, and has now signalled expansion in each of the past 40 months. However, at its current level, the Output Index is only consistent with a moderate rate of increase in global GDP

David Hensley, Director of Global Economics Coordination at JPMorgan, said: "Although global GDP growth remains muted, the latest PMI data are at least showing positive signs in the service sector at a time when forward-looking indicators for manufacturing suggest the sector should move back into growth territory around year-end. Cost-caution still prevails across the global economy, however, which will continue to hold back employment over the near-term horizon."

Global Manufacturing PMI by Month



Global Services PMI by Month

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