Global business growth accelerated last month as new orders picked up despite firms raising prices at the steepest rate since July, a survey showed. J.P. Morgan's Global All-Industry Output Index, produced with Markit, rose to 53.7 in November from October's 53.1. It has been above the 50 mark that divides growth from contraction since October 2012.
"The November PMI surveys point to a further step in the right direction for the global economy," said David Hensley, a director at J.P. Morgan. "If faster increases in new orders and employment translate into a further bounce in the pace of expansion in December, fourth quarter GDP growth should come in a shade higher than that registered during Q3."
A PMI covering the service industry rose to 54.1 from 53.5. A sister survey on Tuesday showed global manufacturing growth remained tepid in November. The global PMIs combine survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia.