Wednesday, March 05 16:46:24
Global economic growth eased last month as adverse weather conditions hit the service industry in the United States and Japan, a business survey showed today.
JPMorgan's Global All-Industry Output Index, produced with Markit, fell to 53.0 from January's 54.0 but held above the 50 mark that divides growth from contraction for the 17th month running.
"The global economy registered an unexpected slowdown in February. However, this appears to be the result of a number of temporary drags on service sector growth," said David Hensley, a director at JPMorgan.
Its global services index sank to 52.5 from 53.8 but incoming new orders accelerated and firms built up a backlog of work, suggesting this month may be better.
A survey released on Monday showed global manufacturing growth accelerated at the fastest pace in nearly three years last month as the developed world outshone emerging markets.