Monday, 14 October, 2019

Economic Buzz: Eurozone Private Sector Growth Accelerates In November

Services sector activity shrinks in November as GST weakens demand Economic Buzz: Eurozone Private Sector Growth Accelerates In November
Russell Knight | 05 December, 2017, 23:56

British service sector growth moderated in November from a six-month high as Brexit uncertainty weighed on growth and confidence, survey data from IHS Markit showed Tuesday. Even so, November's reading was still significantly weaker than the historical average of 54.6. A reading above 50 means expansion in the sector on a monthly basis, anything below indicates contraction. The composite output index rose to 57.5 from 56.0 in October.

The result comes as a disappointment after robust performances from the manufacturing and construction sectors last month, while economists had also been expecting a services PMI reading of 55 for November. "The upturn in new business also quickened to a sharp rate that was the fastest for the best part of a decade", said Sian Jones, economist at IHS Markit, commenting on the Russia Services PMI survey data.

"But the big news is in relation to prices, which suggest that inflationary pressures have yet to peak".

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Greater operational requirements contributed to quicker job creation in the services sector, with the employment subindex rising to the highest level since August.

Duncan Brock, director of customer relationships at the Chartered Institute of Procurement & Supply (CIPS), said: "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".

Also known as the tertiary sector, it accounted for 51.6% of the country's economic output in 2016, up from 50.2% in 2015, and contributed to almost 60% of growth in the gross domestic product, according to the National Bureau of Statistics.


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