This multi-decadal oscillation of the GMST has been described by Swanson et al :
“Temperatures reached a relative maximum around 1940, cooled until the mid 1970s, and have warmed from that point to the present. Radiative forcings due to solar variations, volcanoes, and aerosols have often been invoked as explanations for this non-monotonic variation (4). However, it is possible that long-term natural variability, rooted in changes in the ocean circulation, underlies much of this variability over multiple decades (8–12).”
After removing the multi-decadal oscillation, Wu et al have reported their result for the long-term warming rate [2]:
“…the rapidity of the warming in the late twentieth century was a result of concurrence of a secular warming trend and the warming phase of a multidecadal (~65-year period) oscillatory variation and we estimated the contribution of the former to be about 0.08 deg C per decade since ~1980.”
This long-term warming rate result of 0.08 deg C/decade by Wu et al has been confirmed by Tung and Zhou:
“The underlying net anthropogenic warming rate in the industrial era is found to have been steady since 1910 at 0.07–0.08 °C/decade, with superimposed AMO-related ups and downs that included the early 20th century warming, the cooling of the 1960s and 1970s, the accelerated warming of the 1980s and 1990s, and the recent slowing of the warming rates.”
Swanson et al. (2009)
Long-term natural variability and 20th century climate change
http://www.pnas.org/content/106/38/16120.full.pdf+html
Wu et al. (2011)
On the time-varying trend in global-mean surface temperature
http://bit.ly/10ry70o
Tung and Zhou (2012)
Using data to attribute episodes of warming and cooling in instrumental records
http://www.pnas.org/content/110/6/2058