CHART OF THE DAY: Global Economic Growth Has Hit A Two-And-A-Half Year High

Markit Economics today published August's JPMorgan Global All-Industry Output Index, a metric that takes a weighted average of all of the world's manufacturing and services purchasing managers indices (PMIs).

The composite index climbed to 55.2 in August, up from 54.0 in July. This is the highest level since February 2011.

"New order growth also hit a 30-month high, stimulating one of the steepest gains in payroll numbers for over two years," noted the Markit economists.

"Growth of global economic activity accelerated to a two-and- a-half year high in August," said JPMorgan's David Hensley. "Manufacturing is showing renewed signs of strengthening to support the recent solid upswing in the services sector. The pass-through of higher activity to the jobs market is taking greater hold and should improve further as the GDP upturn continues in coming months."

All good news.