Services Growth Shoots Up in January

Services Growth Shoots Up in January

Services Growth Shoots Up in January

The index was at 48.5 in the month of November, therefore, separating growth from contraction for the second month consecutively.

Aashna Dodhia, economist at IHS Markit and author of the report, said despite continuation of "recovery" in demand and output in the service sector, its overall performance remained weaker than the long-run growth trend.

January's upturn in the services sector was mainly bolstered by greater client demand, with new business growing at its quickest pace in 32 months.

Growth in the United States services sector slowed a little in January, according to final data released on Monday.

The poor reading from the service sector follows equally disappointing results at the end of last week from the manufacturing and construction indices and suggests overall that the United Kingdom economy entered 2018 on a weak footing.

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The services sector - which includes everything from banking to waiting tables - drew a reading of 53 in the month, down from the previous 54.2 in December.

Indian service providers addressed new business inflows and rising backlogs by expanding workforces for the fifth consecutive month in January.

Last month's readings suggest the economy is running at a quarterly growth rate of just under 0.3 percent.

The composite PMI in the Eurozone - which combines all the major sector's PMI surveys -rose to 58.8 in January from 58.1.in December, above the consensus and initial estimate, 58.6.

The inflation in input prices in the services industry rose by its steepest level since April 2012 in January, the survey showed.

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Hiring continued at a robust pace, suggesting a positive pipeline of new projects and positive output expectations, Markit said.

He said: "The data should prompt investors to reassess their view that the chance of the Bank raising interest rates again as soon as May is as high as 50%".

Despite the slowdown, business confidence is at its strongest since last March, with firms still optimistic that business activity will be higher over the course of 2018.

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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