The rate of expansion in global services business activity lost momentum in February, as the US registered a marked growth slowdown and Japan slipped back into contraction territory.
At 52.5 in February, the J.P.Morgan Global Services Business Activity Index, a composite index produced by J.P.Morgan and Markit in association with ISM and IFPSM, signalled expansion for the seventeenth successive month. The rate of increase in incoming new business accelerated slightly from January's three-month low.
The slower expansion of activity was mainly due to adverse weather conditions in the US and Japan. The US subsequently saw a marked easing in its rate of growth, while activity in Japan fell slightly for the first time in almost one-and-a-half years.
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