Growth of Global Service Sector at Eight-Month High in November

Growth of the global service sector continued in November, as the rate of increase accelerated sharply to hit an eight-month peak. At 54.9 in November, up from 51.9 in October, the JPMorgan Global Services Business Activity Index — a composite index produced by JPMorgan and Markit in association with ISM and IFPSM — stayed in expansion territory for the fortieth consecutive month.

The latest acceleration was largely centered on the US. Growth in US non-manufacturing output was the strongest since February and well above that signaled elsewhere in the global service sector.