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Global economic growth cools in September: PMI

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(Globalpost/GlobalPost)

LONDON (Reuters) - Growth in the global economy slipped to a three-month low in September, held back by a subdued performance from companies in the United States, a business survey showed on Thursday.

JPMorgan's Global All-Industry Output index, produced with Markit, fell to 53.5 in September from August's 55.1, but held above the 50 threshold for growth for a 15th straight month.

Despite showing weaker growth in September, JPMorgan said the survey indicated the global economy recorded its sharpest quarterly growth of output for one-and-a-half years in the third quarter of 2013.

"On balance, the September business surveys round out a quarter in which we see global GDP (gross domestic product) expanding at a slightly below trend pace and on track to rise to trend in the current quarter," said Joe Lupton, global economist at JPMorgan.

Market holidays meant data from China, India and Hong Kong were not available for September's global PMIs.

The global services PMI slipped to 53.6 in September from August's two-and-a-half-year high of 56.0.

"Signs of the (services) sector losing momentum during the latest survey are hopefully only transitory, allowing services to remain a positive spur to global GDP growth heading towards year end," said Lupton.

(Reporting by Andy Bruce; Editing by Ruth Pitchford)

http://www.globalpost.com/dispatch/news/thomson-reuters/131003/global-economic-growth-cools-september-pmi