New orders boost growth in the United Kingdom services sector

05 November, 2017, 02:12 | Author: Valerie Burke
  • India manufacturing sector

Manufacturing activity in October was more subdued than the level seen in the previous month due to a slowdown in new orders caused by the implementation of the Goods and Services Tax, according to a private sector survey. Firms raised prices at a sharper rate to end-consumers than their costs rose, signaling a pickup in inflation over coming months.

Results released on Thursday showed a seasonally adjusted Purchasing Managers' Index of 53.7 for the month, up from September's 50.8.

However, any reading above 50 indicates expansion in the sector.

The official manufacturing PMI, which covers the services industry and the construction sector, declined to 54.3 in October from September's over-three-year-high of 55.4, according to NBS announcement on Tuesday.

"India's manufacturing companies struggled somewhat as the recent recovery enjoyed by the sector lost impetus in October", Aashna Dodhia, economist, IHS Markit, and the report's author, wrote.

Business optimism softened even further below its long-run trend and lower than average in the first half of 2017.

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He said: "While an upturn in business activity growth adds some justification to the Bank of England's decision to hike interest rates for the first time in a decade, a deeper dive into the numbers highlights the fragility of the economy and points to downside risks for the outlook".

On the basis of past form, the services index points to an acceleration in official services growth from Q3's 0.4% rate to about 0.7% or so, said Ruth Gregory at Capital Economics, with the survey's forward-looking balances suggesting the services sector should be able to sustain the growth momentum.

"Russian service providers reported the strongest degree of confidence towards the outlook since April 2012", Sian Jones, Economist at IHS Markit, said.

However, few key growth indicators remained relatively muted.

This was largely due to improved order growth following a 13-month low in September, as well as resilient client demand and new work increasing at the fastest rate since May.

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