JPMorgan's aggregate global manufacturing and services indicators both tell the same unfortunate story -- the global economic recovery slowed down in November.

JPMorgan: "The global economic recovery continued in November, but a growth pause in services hit the overall rate of expansion. However, new business is still rising and this should support growth looking ahead. In addition, official activity data continue to advance, suggesting the underlying recovery remains intact."

Yet while both the global services and manufacturing indices are slightly above the 50-level, which indicates continued expansion, it's clear that the up-trend in the data has lost steam.

They also aren't far from suddenly dropping below 50 next month.

(Via JPMorgan, Growth of the economy slowed in November, 3 December 2009) Note that these global indices are built from manufacturing and services indices for countries around the world, such as from the ISM in the U.S. and from Markit for many other countries.