World economy holds steady in May: Survey
Facebook's shares dropped to an all-time low of $25.75 on Tuesday, more than 30 percent below their offering price. The No. 1 social network has shed about $32 billion of its value since its haphazard May 18 IPO.
The world's economy kept up a largely steady but modest pace of growth in May as service sector businesses perked up, a survey showed on Tuesday, offsetting weakness among global manufacturers.
The JPMorgan Global All-Industry PMI, which gauges changes in worldwide private sector activity, eased slightly to 52.1 in May from 52.3 in April. However, it remained above the 50 mark that signifies growth for a 34th month.
"Service sector activity growth is holding up comparatively well. Businesses are responding quickly to slower demand growth ... by tempering the rate of net hiring," said David Hensley, director of global economics coordination at JPMorgan.
The survey showed the United States was the main bright spot in the global economy last month, after a PMI report there showed American companies fared a little better than most economists expected in May.
The global PMI did not include the British or Irish national data, as the May surveys for those countries are being released on Wednesday.
JPMorgan's Global Services PMI rose to 52.5 in May from 52.0 in April, likewise staying above the 50 mark for a 34th straight month.
Copyright @Thomson Reuters 2012
