Global Service Sector Shows Growth, Accelerating to 41-month High

Jan. 10, 2011
The JPMorgan Global Services Business Activity Index shows that as 2010 ended, growth of US business activity accelerated sharply, rising to its fastest pace since August 2005. What's more, the US growth led a global upswing. Growth of both business ...

The JPMorgan Global Services Business Activity Index shows that as 2010 ended, growth of US business activity accelerated sharply, rising to its fastest pace since August 2005.

What's more, the US growth led a global upswing. Growth of both business activity and new work in the global service sector increased, and the Index rose from 54.6 in November to 57.3 in December the fastest rate of expansion since July 2007.

In other highlights from the Index:


Business activity rose in China, India and Japan. In December, the Eurozone reported an expansion of services activity for the sixteenth consecutive month, although the rate of increase eased slightly. In Western Europe, conditions were generally less solid.


New orders rose for the sixteenth month running and at the quickest pace since June 2007.


Global service sector employment rose for the third successive month, although the pace was slight and slower than in November.


All of the nations covered by the survey saw costs rise.

According to David Hensley, Director of Global Economics Coordination at JPMorgan, these results signal optimism.

"Global services experienced a similar acceleration to its manufacturing counterpart at the end of 2010. Business activity rose at the fastest pace since July 2007, supported by a significant improvement in new business inflows. This provides important momentum and balance to the global recovery," he said. "The services job market remains muted overall, but will hopefully pick up as the upturn continues."

For more data from the JPMorgan Global Services Business Activity Index, see this press release.

Popular Sponsored Recommendations

6 Ways Manufacturers Can Use GenAI Today

Feb. 1, 2024
Hear six compelling use cases where generative AI is making a significant impact in augmenting frontline workers and transforming operations. Learn how GenAI Assistants and smart...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Optimizing Connected, Resilient Supply Chains in 2024

Dec. 19, 2023
Discover how manufacturers fortify supply chains amidst change, explore the 2024 manufacturing industry outlook and delve into Gen AI for resilient supply chains.

How to Build a Predictive Maintenance Program: Lessons Learned from LSB Industries’ Success

Dec. 21, 2023
Register today and join this webinar to gain insight on best practices for setting up a predictive maintenance program from industry experts.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!