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Global Economy Expands At A Modestly Faster Pace In January

Growth picked up a bit at the start of the new year for the global economy, according to business survey data for January. The JPMorgan Global All-Industry Output Index ticked higher last month, rising to 52.8 from December's 14-month low of 52.4. (A reading above the neutral 50.0 mark indicates expanding economic activity.) Yes, it's a mild advance and it hardly marks a sharp reversal from the slowdown that's been unfolding lately. But the worst fears from some corners of the economic forecasting realm look prematurely dark at the moment.

JP Morgan's David Hensley said in yesterday's release,

The start of 2015 saw the Global PMI Output Index at last edge higher, halting the slowdown in growth signaled by the surveys in the latter half of last year. Both manufacturers and service providers saw mildly stronger output expansions, keeping the global economy on a steady, yet moderate, growth path.