Economy Watch: Service-Sector Activity Slows a Bit, But Still Robust

Ivan Schwartz
December 7, 2017

India's private sector activity expanded only marginally in November, as marked growth in the manufacturing sector was broadly offset by a downturn in the service sector, survey data from IHS Markit showed Tuesday.

The composite output index rose to 57.5 from 56.0 in October. However, any reading above 50 indicates expansion in the sector.

Economists had expected the score to drop marginally to 55.0.

"Uncertainty about the economic outlook, linked commonly to Brexit worries, continued to permeate the business mood in November", Williamson added.

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"Businesses could no longer fight against the tide of higher prices for food, fuel and salaries as input cost inflation remained close to its strongest for six years, and businesses passed these increases on to consumers". "The survey data are so far consistent with the economy growing at a quarterly rate of 0.45 per cent in the closing months of 2017". Given the strength of order book growth and hiring, as well as the elevated level of business optimism, the eurozone should start the New Year on a solid footing.

"November PMI data signaled steep growth in business activity across the Russian service sector, with the expansion accelerating to reach a ten-month high". But do take note that the summary report has France numbers wrongly printed at 51.2, it should be 52.2 if you go into the individual reports.

Moreover, the rate of prices charged inflation was the second-fastest seen since the survey began in 1996.

PMI, an indicator of the economic health of a sector, is based on data compiled after monthly surveys are sent to purchasing executives at almost 300 companies.

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