LONDON (Reuters) - Global business activity remained strong last month, with robust growth in both services and manufacturing, a survey showed on Thursday.
JP Morgan’s Global All-Industry Output Index, produced with Markit, dipped to 55.1 from July’s 41-month high of 55.5, holding above the 50 mark that divides growth from contraction for the 23rd month.
“The latest PMI readings point to the growth rate in global economic output making solid, steady progress during August,” said David Hensley, a director at JP Morgan.
“Solid gains in new business alongside an increase in backlogs of work also suggest that order pipelines are sufficient to at least partly offset any increase in demand headwinds in the short term.”
A new orders sub index rose to 54.8 from 54.6, while the backlogs of work indicator jumped from 50.1 to 50.8.
Reporting by Jonathan Cable; editing by Andrew Roche