Global business growth accelerated in July on order boost: PMI

[LONDON] Global business growth accelerated last month as new orders picked up, allowing firms to build up a backlog of work, a survey showed on Wednesday.

JPMorgan's Global All-Industry Output Index, produced with Markit, rose to 53.4 in July from June's 53.1. It has been above the 50 mark that divides growth from contraction since October 2012.

An index covering new orders climbed to a three-month high of 54.3 while the backlogs of work measure moved back above the breakeven 50 level.

A global PMI covering the service industry rose to 53.9 from 53.6 although a manufacturing PMI released on Monday held steady last month at June's muted level.

The global PMIs combine survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia.

REUTERS