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Global services industry records June growth

12 July 2010
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Global services industry records June growthThe global services sector expanded during June this year, with activity increasing during the second quarter "at a solid pace".

This is according to the Institute for Supply Management (ISM), which noted the index for the industry dipped slightly from 55.4 in May to 53.8 last month, although it still remained above the 50 mark that indicates expansion.

Compiled by JP Morgan and Markit, the statistics also revealed most national service economies witnessed increases during June, although the rate of growth slowed in Britain and the eurozone, something that may interest operations management professionals.

A survey of 3,500 executives was conducted and showed the expansion of incoming new business globally for the tenth month in a row during June, while service sector employment rose over the period in question.

Commenting on the report, JP Morgan director of global economics co-ordination David Hensley suggested that the data "provided further evidence that growth of activity and new orders are starting to taper off".

Meanwhile, in the UK, the seasonally-adjusted index of production increased by 2.6 per cent year on year in May 2010, while the manufacturing measure was up by 4.3 per cent over the same period, according to the Office for National Statistics.ADNFCR-3058-ID-19884655-ADNFCR
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