british services pmi hits 10month high
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

British services PMI hits 10-month high

Arab Today, arab today

Arab Today, arab today British services PMI hits 10-month high

Shoppers carry plastic bags containing purchases from retail stores as they walk along Oxford Street in London recently.
London - Arab Today

Businesses in Britain’s dominant services sector grew at their fastest pace since January last month and the broader economy maintained momentum, even if firms have some worries about the year ahead, according to a survey.
The Markit/CIPS services purchasing managers’ index (PMI) — a closely watched gauge of the services sector — rose to 55.2 in November from 54.5 in October, beating all the forecasts in a Reuters poll of economists.
However, businesses reported the second-weakest level of optimism about the future in four years, due to the unexpected result of the US presidential election, the value of sterling and ongoing uncertainty about how Britain will leave the European Union.
Despite a dip in the equivalent survey of manufacturers published last week, overall the November PMIs suggest the economy as a whole will maintain the third quarter’s solid 0.5 percent growth rate through to the end of the year, Markit said.
“The pace of UK economic growth remains resiliently robust in the fourth quarter, despite ongoing uncertainty caused by Brexit,” said Chris Williamson, chief business economist at IHS Markit, the company that compiles the survey.
Most economists and the Bank of England said Britain’s economy would slow sharply after June’s vote to leave the EU. But strong consumer demand and a boost to exporters from the heavy post-referendum fall in sterling have kept growth going.
A separate survey by manufacturing lobby EEF released earlier on Monday showed a boost in new orders and a better-than-expected recovery in output.
Last month the Bank of England revised up its forecasts to pencil in 0.4 percent growth for the last three months of 2016. But it also said annual growth would slow to 1.4 percent next year from 2.2 percent in 2016 as higher inflation squeezes household incomes.
“Elevated price pressures and drop in expectations suggest that a slowdown remains on the cards for next year,” HSBC economist Elizabeth Martins said. 
“Inflation is likely to outpace wage growth over the coming year or so, bearing down on domestic demand and causing growth to slow.”
Businesses are already starting to feel the pinch of costlier imports due to the fall in sterling, and Markit said business costs had risen by the most in five-and-a-half years during the past two months.
“These higher costs will inevitably feed through to consumers in the form of higher prices,” Williamson said.
The BoE forecasts inflation will surge to 2.7 percent next year from 0.9 percent in the most recent data, and many private-sector economists think it could rise even faster.
However, very few expect the BoE to reverse August’s rate cut in response. 
On Friday the central bank’s chief economist, Andy Haldane, warned against hasty action. 

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

british services pmi hits 10month high british services pmi hits 10month high

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

british services pmi hits 10month high british services pmi hits 10month high

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday