Published: Tue, March 06, 2018
Markets | By Noel Gibbs

Dominant services sector picks up after gloomy January

Dominant services sector picks up after gloomy January

United Kingdom services activity grew more than expected in February, supporting economic growth and keeping alive the prospect of an interest-rate increase within months.

The seasonally adjusted Nikkei India Services Business Activity Index fell from 51.7 in January to 47.8 in February, its lowest level since August.New Delhi: The Indian services sector contracted in February and fell to a six-month low, as new work orders suffered amid weak underlying demand conditions, says a monthly survey. Anything above 50 denotes growth in the sector.

Ea_CompositePMI_180306
Chances of interest rate rise in May are on the up as Britain's services sector shrugs off the Brexit worries to beat forecasts

Despite a brighter performance from services, economists expect the United Kingdom economy to grow by 0.4% for the first three months of this year, in line with the final quarter of 2017.

Employment growth accelerated to a five-month high in February, driven by stronger than-expected sales growth and subsequent efforts to expand business capacity.

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Sterling was up 0.1% against the USA dollar to $1.381 shortly after the announcement.

Economic growth in the United Kingdom might be stronger than thought, after a closely-watched index suggested the services sector is now the fastest growing part of the economy.

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The composite PMI, which includes both manufacturing and services, fell to 52.2 from 52.8 in January. In fact, the services sector was growing faster than manufacturing for only the second time since the Brexit referendum.

The rise in the services PMI in February will help to assuage fears of a broad-based slowdown in the first quarter, instead suggesting that the economy has broadly maintained its pace, Paul Hollingsworth, an economist at Capital Economics, said.

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There will be a meeting of the party president and CM candidate Mr TR Zeliang with Mr Rijiju tomorrow", said a senior NPF source. The NDPP-BJP alliance on Sunday met Nagaland Governor P B Acharya and staked claim to form the next government in the state.


"Overall, the February PMI's suggest to us that UK GDP growth in the first quarter of 2018 is likely to match the 0.4% quarter-on-quarter expansion achieved in the fourth quarter of 2017".

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