World economic activity continues to grow when seen through the lens of the Sales Managers Indexes, in the world's three largest economies (China, the USA and India). For most recent decades these countries have collectively contributed close to 60% of total global growth, and in reality, probably significantly more, as the "rest of the world" in this case includes many countries with less reliable and often inflated data. In any event, if survey results from these three countries are not looking good, as is currently the case, prospects for economic activity in the world as a whole are very likely to be diminished.

In September, the Sales Managers growth related Indexes remained consistent with continuing but modest expansion in global economic activity. Of particular note, the Market and Sales Growth related components of the Global Sales Managers Index both remain positive, but (respectively) are at 13 and 8 month lows. The Jobs Index turned negative in September and is also now at an 8-month low. In addition, and perhaps most significantly, there has been a distinct downward trend over recent months in the forward-looking Business Confidence Index, now looking much less inviting at an 11-month low.