The global economic recovery continued in May, as levels of business activity rose for the tenth successive month, according to newly published research. At 57.0, the JPMorgan Global All-Industry Output Index recorded a "marked rate of expansion" that was well above the series average. However, the reading was slightly below April's 34-month high of 57.7.
The report noted that manufacturing continued to lead the recovery, although rates of expansion in output and new orders eased in both the manufacturing and service sectors.
Manufacturing production was found to have risen for the twelfth successive month in May: "Although the rate of expansion eased from April's 75-month high, it was still amongst the fastest recorded in the survey history. Meanwhile, service sector business activity rose for the tenth month in a row, with the rate of growth only marginally below April's 33-month high," the study stated.
It added that supporting growth in business activity was a further "solid expansion" in incoming new orders. May saw levels of new business rise for the tenth month running, although the rate of increase eased further from March's near four-year high to a three-month low.