Thursday, 17 January, 2019

Services sector stuck in 'meagre' growth as political deadlock bites

Sharp reductions in production and new business pushed the Malaysian manufacturing headline index deeper into negative territory in December Manufacturing growth slows in December - PMI
Orlando Vargas | 06 January, 2019, 15:04

The U.S. dollar increased to 0.9903 Swiss franc from 0.9824 Swiss franc, and it decreased to 1.3585 Canadian dollars from 1.3635 Canadian dollars.

The manufacturing sector, which accounts for about a tenth of the economy, recorded stronger growth last month as firms ramped up their stockpiling to protect against the risk of a no-deal Brexit in less than 90 days' time.

Readings above 50 indicate expansion in the purchasing managers index.

"Combined with disappointing growth in the manufacturing and construction sectors, the meagre service sector expansion recorded in December is indicative of the economy growing by just 0.1%.in the closing quarter of 2018", Mr Williamson said. After a slight rebound in November, new order growth moderated in December.

Brexit uncertainty helped drag the United Kingdom economy to a near standstill at the end of 2018, with subdued growth conditions persisting across the British services sector, according to a recent IHS Markit survey.

The slowdown, the index said, reflected "softer rises" in commercial and housing activity in December, with commercial building the worst performing category.

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Following his arrest in east Harris County, the sheriff's office said Black admitted to taking part in the shooting. Hundreds of people gathered in Houston Saturday as efforts intensify to find the person who killed Jazmine Barnes .


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The Spaniard was in tears as he left the pitch for the final time before his impending transfer to AS Monaco. The game was a send off for midfielder Cesc Fabregas , who looks likely to complete a move to Monaco .


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Markets, however, have mostly tumbled since October on fears of a global economic slowdown and the ongoing U.S. Under the law that governs the Federal Reserve, a president can only remove a Fed chairman for cause.


"The eurozone economy moved down another gear", Williamson said.

The pound fell by almost two cents to less than $1.26 against the dollar as experts said the latest figures suggested a bumpy ride ahead for manufacturers. China's manufacturing sector contracted for the first time in 19 months.

The headline IHS Markit/CIPS UK services PMI rose slightly more than forecast by economists polled by Reuters, to 51.2 in December.

A Markit survey of American manufacturers also showed the slowest growth in December in 15 months, reflecting a dip in confidence among executives about how their businesses will perform in the new year.

The BoE figures showed the annual growth rate in unsecured consumer lending had slowed to 7.1 percent in November from 7.4 percent in October, the smallest increase since March 2015. Input buying volumes increased as companies put plans in place to reduce potential supply-chain disruption, with input inventories rising at the fourth-highest rate in the report's 27-year history.

The services industry plays a vital role in driving economic growth in the United Kingdom, but the sector has shown 'worrying signs of having lost steam amid intensifying Brexit anxiety, ' Chief Business Economist at IHS Markit Chris Williamson said. December rounded off a positive year for Vietnamese manufacturers, with the average PMI reaching its highest level for any calendar year since the survey began in 2011.

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