Service Sector Growth Shows Modest Acceleration at Start of Q3

July saw growth of the global service sector pick up from June's near three-year low. At 52.7, the JPMorgan Global Services Business Activity Index — a composite index produced by JPMorgan and Markit in association with ISM and IFPSM — remained above the neutral mark of 50.0 for the thirty-sixth successive month.

The headline index is consistent with a solid increase in overall output, although the rate of expansion is below the average for the current period of growth.