Global economic growth was registered for the seventeenth successive month in February. At 53.0, the JPMorgan Global All-Industry Output Index1,2 — which is produced by JPMorgan and Markit in association with ISM and IFPSM — signaled a further solid expansion in overall output.
The rate of increase lost some impetus, however, easing to a four-month low. This mainly reflected a growth slowdown in global services output, itself primarily a consequence of weaker expansion at US service providers and a dip into contraction in Japan. The China all-industry output index dipped below 50.0 for the first time since July last year, reflecting the weakening performance of its manufacturing sector.