The global economy made a positive start to the final quarter. Output growth accelerated to its fastest pace since February 2011, underpinned by a solid improvement in new business. The expansion filtered through to the labour market, leading to the sharpest job creation in over two-and-a-half years.
At 55.5 in October, the JPMorgan Global All-Industry Output Index* — which is produced by JPMorgan and Markit in association with ISM and IFPSM — came in higher than September's three-month low of 53.6. The headline index has signalled expansion in each of the past 51 months. Manufacturers and service providers both recorded increases.