Developed world powers steady global upturn and jobs growth at start of Q3

The global economy saw growth ease slightly for a second successive month in July but nevertheless enjoyed a solid start to Q3, according to PMI data. The headline JPMorgan PMI™, compiled by IHS Markit, slipped from 53.7 in June to 53.5 in July, its lowest since December. While the PMI hints at a mild slowing in the rate of economic growth, the level remains consistent with global GDP rising at an annual rate of just under 2.5%, only slightly below that seen on average over the course of the first half of 2017.

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