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Global business growth eased to six-month low in Oct: PMI
[LONDON] Global economic growth eased to a six-month low in October, reflecting weaker increases in new business and a slowdown in the rate of hiring, a survey showed on Wednesday.
J.P.Morgan's Global All-Industry Output Index, produced with Markit, fell to 53.6 from September's 54.8 but has now held above the 50 mark that divides growth from contraction for more than two years. "The latest PMI data suggest global economic growth lost some momentum at the start of Q4," said David Hensley, a director at JP Morgan.
Global growth in a recent Reuters poll was forecast at 3.1 per cent this year.
A global PMI covering the services industry fell to 53.7 from 55.2. The October manufacturing PMI, released on Monday, was unchanged from September's 52.2.
The index combines survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia.