The global service sector continued to expand at a solid clip during December. Although the J.P.Morgan Global Services Business Activity Index — a composite index produced by J.P.Morgan and Markit in association with ISM and IFPSM — edged lower to 53.6, from 53.8 in November, the pace of growth remained above the average for the current 53-month sequence of increase.
The fastest rates of output expansion were signaled in Ireland, the UK and the US. Growth accelerated in Japan, Spain, Russia, Ireland, but slowed in the US, Germany, the UK, China, Brazil and Hong Kong. In contrast, France, Italy and India registered continued contractions in business activity.