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emfizz.com December 16, 2017


United Kingdom service sector growth slows as prices rise

07 December 2017, 02:35 | Jan Cross

The services sector makes up 80 per cent of GDP so weak expansion has a big impact on overall growth Toby Melville Reuters

The services sector makes up 80 per cent of GDP so weak expansion has a big impact on overall growth

The construction index rose to a balance of 53.1 last month, up from 50.8 in October and considerably better than economists' expectations of 51.

IHS Markit's final composite output index printed at 57.5, in line with the initial estimate and up from October's reading of 56.0.

At the same time, the Indian service sector dipped into contraction territory during November, following growth in the previous two months.

November has seen the highest pickup in Russia's service sector since January 2017 thanks to a surge in new orders and accelerating business activity, according to Markit Economics data. However, any reading above 50 indicates expansion in the sector.

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"The upturn shows few signs of losing momentum to any significant extent", he said. "But we should be cautious because the economy may come under rising inflationary pressure at the start of next year due to continued price increases".

The data shows that input price inflation is the strongest recorded since the first half of 2011, with efforts to alleviate pressures on margins resulting in the fastest rise in prices charged since February 2008.

The services sector - which includes finance, real estate services, marketing, transportation and retailing - has become an increasingly important part of the Chinese economy, reflecting a shift away from traditional heavy-industry manufacturing and exports.

This marks 16 consecutive months above the 50 no-change value, however, service providers' optimism for the year ahead remained much weaker than the long-run survey average. The services sector is more labor-intensive than manufacturing, and policymakers are counting on it to create more jobs.



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