Global business activity accelerated to an eight-month high last month as both the services and manufacturing industries showed renewed vigour, a business survey showed today.

JPMorgan’s Global All-Industry Output Index, produced with Markit, rose to 54.3 from April’s 52.8, holding above the 50 mark that divides growth from contraction for the 20th month running.

“Growth of global economic output and new business both registered solid accelerations in May, to more than recoup the momentum loss signalled by April’s softer readings,” said David Hensley, a director at JPMorgan.

Britain and the United States were again the leading drivers of the growth, while the recovery in the euro zone continued. (Reuters)