Business Activity Slows in November - IHS Markit

Business Activity Slows in November - IHS Markit

Business Activity Slows in November - IHS Markit

Growth in the United Kingdom dominant services sector slowed last month as companies raised their prices at the fastest pace for almost a decade, according to a closely watched survey. However, the figure was still well above the key level of 50: any figure below that suggests a contraction in the sector.

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.

Economists had expected the score to drop marginally to 55.0.

Bolstered by the improvement in the service sector, the Caixin China Composite Output Index, which covers manufacturing and service companies, rebounded to 51.6 from October's 16-month low of 51.

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

On the price front, cost pressures faced by services firms intensified in November.

Business activity in November grew at a slower rate than last month and business confidence fell while new orders and employment both increased. 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.

"However, despite the weaker service sector expansion, the latest survey data indicate that the economy is on course to enjoy robust growth in the fourth quarter".

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