The global private sector economy is showing its most significant growth in three-and-a-half years, as measured by JPMorgan's Global All-Industry Output Index. With a reading of 60.4 for October, the seventh executive month showing growth, the output index is consistent with the 5% GDP growth.
Almost all of the purchasing managers surveyed reported increased output, with the strongest growth originating from the United States. Both the manufacturing and service economies were significant contributors to growth. Japan, the UK and Eurozone reported private significant growth in October as well. The China PMI level only hit 50.0.
For October, the growth of new businesses was rising at record rates while the manufacturing sector saw global trade volumes recovering. Although manufacturing is still losing jobs, the rate of decline was the lowest since June 2002.
The manufacturing sector also reported inflation of input costs for October.
The Global Manufacturing PMI is a composite index produced by JPMorgan and NTC Research in association with the Institute for Supply Management (ISM) and the International Federation of Purchasing and Materials Management (IFPSM).
To view the full report go to: http://www.ism.ws/ISMReport/JPMorgan/JPMorganMfg-Svcs110503.pdf
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