Global economic growth hits 2-1/2 year high in August


Global economic growth hit a 2-1/2 year high last month, with bumper expansion in both services and manufacturing activity, a survey showed on Thursday.

JPMorgan's Global All-Industry Output Index, compiled with Markit, rose to 55.2 in August from July's 54.0, holding above the 50 threshold for growth for over four years.

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"Manufacturing is showing renewed signs of strengthening to support the recent solid upswing in the services sector," said David Hensley, director of global economics coordination at JPMorgan.

The global services PMI rose to 56.1 in August from 54.9 , its best showing since early 2011.

The upturn in output remained broad-based, JPMorgan said, with the United States, Britain and Ireland recording the fastest growth rates of all-industry output of all the nations covered.

A survey on Tuesday showed global manufacturing activity grew at its fastest pace in over two years in August as new orders flooded in at a rate not seen since February 2011.