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India Services PMI rises to 51.7 in January

06 February, 2018, 13:39 | Author: Samuel Sharp
  • Services sector

The latest survey data signalled that capacity constraints remained evident across both the manufacturing and service sectors, as the volume of outstanding business rose for the twentieth successive month. The index was at 48.5 in the month of November, therefore, separating growth from contraction for the second month consecutively.

Chris Williamson, chief business economist at IHS Markit, said: "The pace of United Kingdom economic growth slowed sharply at the start of the year as January saw a triple-whammy of weaker PMI surveys".

"The Indian service sector remained in expansion mode in January, driven by a renewed increase in new business", the Nikkei said on Monday, adding that growth rates for activity and employment have accelerated since December.

The PMI survey produced a reading of 53 in January, against a reading of 54.2 in December.

The downbeat economic data comes ahead of Thursday's Bank of England Monetary Policy Committee vote, which is expected to hold interest rates at 0.5 per cent.

Output from the massive British services sector grew at the slowest pace since September 2016, according to a closely watched survey. The PMI in January signaled that in the first quarter an economic growth of less than 0.3% could be seen.


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.

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

Businesses transferred some escalating cost pressures to consumers with both input and output prices rising at a faster pace in January from the previous month.

Business confidence was the highest since March 2017. Inflation and interest rate expectations that shift erratically are bad for economies and markets.

The Bank raised rates from 0.25 per cent to 0.5 per cent last November in response to what it described as building underlying inflationary pressures, the first hike in the United Kingdom cost of borrowing for a decade.

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