Global service sector shows steady growth in November

LONDON, Dec 3 (BestGrowthStock) – The global services sector
expanded at a slightly faster pace in November compared with
October thanks to booming activity in India and Germany, a
purchasing managers’ survey showed on Friday.

The JPMorgan Global Services PMI, based on surveys of
thousands of services firms in the world’s major economies, rose
to 54.8 in November from 54.6 in October. It stayed above the 50
mark separating growth from contraction for a 16th month.

PMI surveys from India and Germany earlier on Friday showed
very strong service sector growth, offsetting easing expansion
rates in the United States, China and Russia, and contractions
in Japan and Spain.

“It is positive that growth of services activity and new
business both gained traction and to see the sector expanding at
a faster pace than manufacturing,” said David Hensley of
JPMorgan.

The employment subindex rose to 51.8 in November from 50.3
in October.

“The labour market is still posting modest jobs growth and
hopefully this will strengthen in the new year,” said Hensley.

The all-industry index, which combines manufacturing and
services data, fell slightly to 54.6 from October’s four-month
high of 54.8. [ID:nLDE6B21NT]

JPMorgan said it was the first time service sector activity
growth outpaced that for manufacturing output since the recovery
began.

“The November PMIs are pointing to growth of global GDP
holding steady at an annualised rate of around 2.5-3.0 percent
quarter-on-quarter,” said Hensley.
(Reporting by Andy Bruce; Editing by Susan Fenton)

Global service sector shows steady growth in November