Consumer demand boosts global economy in January
Consumer goods registered the fastest growth of the eight broad sector groups monitored at the start of 2017.
Output rose at the strongest rate since April 2010. Two component sectors – automobiles & auto parts and food – registered the strongest rates of expansion in output among all 23 detailed sectors monitored.
Consumer services was the second-fastest growing group of sectors in January, just ahead of industrials, healthcare and financials. Within consumer services, tourism & recreation registered strong growth (ranked fifth overall) and media posted a rebound from December’s weak expansion.
The strongest-growing non-consumer sectors in January were banks, other financials, transportation, chemicals and healthcare services.
Two sectors registered falling output in January, namely telecommunication services and forestry & paper products.
Metals & mining registered the weakest rate of growth of the 21 sectors that saw expansion during the month.
This, combined with the drop in forestry & paper products, resulted in the slowest rise in basic materials output since September, despite a stronger expansion in chemicals. ■