Growth of global economic output accelerated in May, regaining the momentum lost in the previous month. At 53.1, up from 51.9 in April, the Global All-Industry Output Index — produced by JPMorgan and Markit in association with ISM and IFPSM — posted above the neutral 50.0 mark for the forty-sixth successive month.
Output rose in both the manufacturing and service sectors during May, with the sharper rate of expansion signaled at service providers. Service sector business activity has now risen in each month since August 2009, with the latest rate of growth broadly in line with the average for that period. Manufacturing production, meanwhile, increased for the seventh straight month.