World's private economy at strongest since March in Nov -PMIs
LONDON, Dec 5 (Reuters) - The world's private sector economy expanded in November at the fastest pace since March thanks to an increase in new orders, according to a business survey on Wednesday.
JPMorgan's All-Industry Output Index hit an eight-month high in November of 53.7, rising from 51.0 in October and keeping above the 50 mark that divides growth from contraction.
The October reading was revised from 51.3 published last month because the survey methodology now uses Markit's own PMI for U.S. manufacturing, rather than the ISM survey, which is now only used for the data before February 2010.
"Although global GDP growth remains muted, the latest PMI data are at least showing positive signs in the service sector at a time when forward-looking indicators for manufacturing suggest the sector should move back into growth territory around year-end," said David Hensley, economist at JPMorgan.
"Cost-caution still prevails across the global economy, however, which will continue to hold back employment over the near-term horizon."
The employment index slipped from 50.8 to 50.0 in November, showing firms are hiring and firing in roughly equal measure.
The global services PMI, which covers businesses ranging from banks, restaurants to hotels, rose to 54.9 in November, from 51.9 the previous month.
(Reporting by Andy Bruce; Editing by Ruth Pitchford)