The headline GMI, the monthly indicator of the state of the global marketing industry, stood at 54.9 for November, down slightly from October’s 55.2. A reading of 50 indicates no change from the previous month, while 60+ indicates rapid growth.

In Europe, the headline GMI grew from 58.6 to 58.8, while in Asia Pacific it dropped slightly from 53.8 to 53.7. The index in the Americas continued to decline, from 51.8 in October to 51.1 in November. The figure in September was 52.8.

“The Global Marketing Index reading for November indicates that marketers in Europe are leading the way by signalling buoyant levels of business activity,” said Ed Jones, chief executive of World Economics, which compiles the index.

“The Asia-Pacific region has seen slow but consistent levels of growth, whereas the Americas are continuing to experience a long slowdown with marketing budgets being cut at the fastest pace in over four years.”