Latest worldwide PMI data showed the global economy losing further growth momentum in October. At 50.8, the JPMorgan (NYSE:JPM) Global PMI™ (compiled by IHS Markit) fell to its lowest since February 2016, registering one of the weakest monthly expansions since the global financial crisis.
The PMI is comparable with global GDP rising at an annual rate of 1.75% (market prices) at the start of the fourth quarter.
Although manufacturing showed further tentative signs of improving, having led the global slowdown throughout the past year and a half via deteriorating worldwide exports, recent months have seen increasing signs of slower service sector growth. Global service sector output rose in October at its slowest rate since early-2016.
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