The global service sector expanded further during January, extending the current sequence of growth to three-and-a-half years. The JPMorgan Global Services Business Activity Index — a composite index produced by JPMorgan and Markit in association with ISM and IFPSM — posted 53.6, down from December's nine-month high of 54.8, to signal a slight easing in the rate of increase.
Most of the nations covered by the survey reported an increase in business activity during January. The main exceptions were France, Italy and Spain. Although the rate of contraction eased in Spain, the downturns in France and Italy both accelerated. Elsewhere in the eurozone, Germany and Ireland both reported strong output growth.