This is an encouraging sign for the global economy. From the report:
- The start of the second quarter saw a further acceleration in the rate of global economic expansion. Growth of output and new orders hit their highest levels since December 2021 and March 2022 respectively, as job creation and business optimism also strengthened. The upturn in output was again heavily skewed towards the service sector, as conditions remained sluggish in manufacturing.
- The J.P.Morgan Global Composite Output Index – produced by J.P.Morgan and S&P Global in association with ISM and IFPSM – rose to 54.2 in April, up from 53.4 in March. The headline index has remained above the neutral 50.0 mark – signalling expansion – in each of the past three months.
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This is not signalling recession. But the report does not:
- the three largest national economies covered (the US, China and Japan) all performed below the global average
