m3n4.net
m3n4.net November 21, 2018


British economy slows down sharply in January

06 February 2018, 01:43 | Vera Richards

A new business sub-index that tracks overall demand jumped to 51.7 from 50.0 in December

A new business sub-index that tracks overall demand jumped to 51.7 from 50.0 in December

The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to 51.9 on a seasonally adjusted basis, from 51.1 in December. Any reading above 50 indicates expansion in the sector.

Indian service providers addressed new business inflows and rising backlogs by expanding workforces for the fifth month running in January. The data comes just ahead of the meeting of the Monetary Policy Committee, which will take a call on interest rates on February 7.

Services sector output rose at its slowest pace since September 2016, adding to the disappointment over similar PMI manufacturing and construction sector surveys. The index stood at 50.9 in December 2016.

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The approach of the US ISM non-manufacturing PMI for January is keeping demand for the US dollar weak today, despite solid forecasts from economists, allowing the pound to hold its opening levels. Most importantly, growth of new orders jumped higher in both sectors in January, registering the largest upturn in new work since last August and one of the biggest gains seen over the past three years.

With a PMI of 50.5 in January, he believes that the economy will sustain a 5.5% growth rate in 1H18 from an expected gross domestic product growth of 5.7% in the fourth quarter of 2017.

The survey showed companies raised their prices in January, given 'strong upward pressure on cost burdens, ' particularly around insurance, fuel, transport, and food.

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Companies also continued to hire new staff - with the pace of job creation at a four month high.

"Indeed, services firms remained optimistic that business activity will be higher over the course of the year, with business confidence the strongest since last March", the report said.

That had sparked a shift in expectations about United Kingdom interest rates, with investors raising bets on a hike as early as May.

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That, coupled with the government's plan to increase spending for rural areas and support farmers in its federal budget, could push up inflation and prompt the central bank to raise interest rates sooner-than-expected.



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