The global economy expanded at fastest pace since July 2007 with the JPMorgan GlobalAll-Industry Output Index, reflecting both manufacturing and services activity, rising to 56.6 in March, up from 53.8 in February. Levels of business activity have risen in each of the past eight months. The latest PMI (Purchasing Managers' Index) data also pointed to a marked increase in total new orders and a slight gain in employment for the first time since April 2008. The 50 index level is the no change point. On August 9, 2007, French bank BNP Paribas had told  investors they would not be able to take money out of two of its funds because it could not value the assets in them, owing to a "complete evaporation of liquidity" in the market. It was the the onset of the international credit crunch.