NEW DELHI, November 6: Global economic growth slowed to a three-month low in October as rates of expansion in both manufacturing and services eased from September’s highs, according to the J.P.Morgan Global Composite PMI compiled by S&P Global. India and the United States recorded strong growth, while France, Australia and Canada saw output fall.
Key highlights
- Global composite output: 53.2 in October, down from September’s 40-month high of 54.3, and above 50 for the 45th month in a row.
- Services: the global services activity index fell to 53.2 from 54.5; manufacturing output eased to 53.1 from 53.8.
- Leaders: the survey named the US and India as the economies with strong growth; mainland China, the eurozone and Japan grew more modestly.
- Laggards: output fell in France, Australia and Canada.
- Mood: business optimism dropped to a five-month low, which companies linked to elevated uncertainty.
| Measure | October 2026 | September 2026 |
|---|---|---|
| Global Composite Output Index | 53.2 | 54.3 |
| Global Services Business Activity Index | 53.2 | 54.5 |
| Global Manufacturing Output Index | 53.1 | 53.8 |
| Economy | Composite output, October 2026 |
|---|---|
| India | 56.2 |
| Japan | 52.1 |
| China | 52.0 |
Prices, jobs and trade
Input cost and selling price inflation both eased slightly worldwide, though manufacturers saw faster cost increases while service providers saw slower ones. Employment rose for a fourth month, with job gains in the US, mainland China and Japan outweighing losses in the eurozone, Canada and Kazakhstan. New export business grew for a third month. Financial services was the fastest-growing sector for the third month running. Maia Crook, global economist at J.P.Morgan, said that at 53.2 the index “remains consistent with above-trend global growth”, but called business sentiment the weak point.
Our calculation
- The global index fell 1.1 points in a month.
- India’s composite reading of 56.2 was 3.0 points above the global figure.
What it means for India
India remains one of the fastest-growing large economies in the survey, driven by strong home demand. But slower global growth and weaker business confidence abroad can weigh on India’s exports, which grew only marginally for service firms in October. The easing of global price pressures is welcome, though the Middle East conflict keeps energy a risk.
What to watch
- November flash PMIs for the US, eurozone, Japan and others later this month.
- Whether business optimism recovers or keeps falling.
A container ship at sea. Image: Bahnfrend, CC BY-SA 4.0, via Wikimedia Commons. Photo source · Licence
Sources
- S&P Global: J.P.Morgan Global Composite PMI, October 2026
- S&P Global: HSBC India Services PMI, October 2026
- S&P Global: Japan Services PMI, October 2026
- S&P Global: RatingDog China General Services PMI, October 2026
The Business Desk covers markets, the economy, companies and personal finance. Stories are checked against at least two credible sources before publication.
