Global Economy Expands at Accelerated Pace in November

November saw the fastest expansion of global economic output since March. Growth of service sector business activity accelerated sharply, while the manufacturing sector stabilized 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 signaled 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.